I don’t see a huge issue with a 5-year term right now as most folks are planning to refi in 2-5 years at a lower rate anyway.

I am trying  to purchase a multifamily house , outside of the city where i live it wis about 150  miles from my location ,  how do i figure out the demographics of the area and also the medium income around the area where i am planning to purchase . do i need to look for any big stores/shopping malls or any govt offices around the area to see if the place would be ideal for purchasing the property for renting it .

What I’d really love to find is a comprehensive resource that lists out rules and regulations in different cities worldwide, but perhaps that would be the size of an encyclopedia.

I assume you have the foundation permit/plan and can provide that to them to bid, so you just need to send it over and have them provide SOW and pricing. 

If they are month to month, just tell them you are planning on remodeling the place and need it vacant.      

You likely have to live there longer and/or plan to use it as a rental property (assuming the revenue is high enough) because you're starting at zero equity.  

Without a full summary of the STR tax loophole for high W-2 wage earners, here is a link to the best explanation and summary I've come across and helped me digest the value of the benefit: HERE In short, the bonus depreciation rate was 100% in 2022, 80% in 2023 and is planned to be phased out to 60% this year. 

That would increase the desirability.What do you exactly mean by approved plans?

remember your first home is not your forever home, it's your first rental so it doesn't need to be everything you want.look for homes where the bones are good, but cosmetically needs love. don't by pre 1960 if you can help it. you'll end up just having to replace all the guts like plumbing and electrical at some point. it's inevitable. look in areas where the path of growth is headed, but might not be currently. think 5 years out. look for resources like your local chamber of commerce to see what businesses are coming in and where. your city planning office should also be on your call list as they can help show where most permits are being pulled for development. follow the money. go to local investing meetups. crowdsource local knowledge and form meaningful relationships. those who've gone before you typically will help out and help you avoid the mistakes they've already made. onward.

If you are planning to hand off, I wouldn't worry about systems and processes; they will have their own they utilize.