Here's an article I wrote recently for the BiggerPockets blog about short-, medium-, and long-term passive real estate investing options: https://www.biggerpockets.com/blog/gaining-financial-freedom...

Are you looking for long-term or short-term/mid-term?

Can you do anything with it for the next year (ie short term rental)? 

I've been told I can get rehab budget (basically hard money terms) but I'll struggle to get commercial financing given the number of units and valuation.

I’d love to hear who you’ve used in similar situations, or what sort of rates and terms could be expected.

This could be a tricky transaction with terms and liens in the property.

I feel that I am analyzing deals well in terms of price, downpayment, rents, cashflow, etc...

if you have a long-term tenant, the first question is, how long have they lived in the unit?

Going forward, get your tenants locked into lease terms of at least a year.

Rather, it will be considered earned income... and if you have losses especially the first year with a bunch of start up costs and depreciation... and if your money is at risk (let's assume Yes), then this business venture can offset (or add) to your W-2 income.This is how short-term rental loophole works.