.), and any special terms in there like required to maintain minimum heat, etc. 

@Mark Peeples it's buy and hold and rent out to tenants as a mid-term rental unit.

Cash-on-cash return for this home is 20.50% and the estimated time to recover original cash invested will be4.88 years if rent remains the same and no major expenses occur.

HELOC are great for short term cash needs, but not good for long term cash needs. 

In terms of the building you are under contract on, is it brick or frame? 

Although from the title I'm wondering if you would gain more responses in the mid-term rental form. 

I have one property as long term rental and my husband has one long term rental and 1 STR.

I am particularly interested in purchasing my first investment property as a short-term rental (STR).After analyzing recent data from AirDNA, I have identified several promising areas: Douglas, Saugatuck, Fennville, and I am also exploring opportunities around Stevensville and New Buffalo.I understand that regulations around STRs vary widely, and I've taken the time to study city maps to identify areas where they are still permitted.

My question is should I hold the property and put a long-term tenant in the place?

The exception would be if this was already permitted for STR - short term rentals VRBO then it might be worth it based on location.If you just want to buy a home and have a unit to help cover the mortgage I would still insist on lower price point or NO HOA to help get the total mortgage down so that the other unit covers 50% of the overall payment.