My best advice is buying a rental that will cash flow as BOTH a long-term rental and then seeing if it will work for a MTR/STR afterwards.Aside from that, STR/MTR will take a lot of time and resources.

You can then ask for the rest of the following month’s rent to avoid eviction.

If you think that you can generate a lot more cashflow relative to the amount of equity in other investments, then I would consider selling and doing a 1031 exchange into larger property(ies). 

@Alex McGhee -- Below may help you get started:Stage 1: Educate Yourself on the Probate ProcessStep 1: Spend 1 Hour Reading about the Probate Process in Your Stateo If property does not go into a Trust then it goes to the Probate processo Google your state’s probate process and educate yourselfStep 2: Practice Explaining the Process to SomeoneStage 2: Get the Probate ListStep 1: Find Location of Probate Records at the County Courthouse or Town/City HallStep 2: Search for the Probate listings on the Computer, Day Book, or filesStep 3: If your courthouse has a computer system Record Volume and Page Numbers in ExcelStep 4: Pull Volume & Page for more Detailed Information.

However, this requires careful legal handling.Other options:Reverse Mortgage: If your parents are over 62 and the home is their primary residence, a reverse mortgage might be an option to access equity without monthly payments.Home Equity Loan or HELOC: If you have significant equity, consider a home equity loan or HELOC to cover your parents’ rental expenses, then repay it over time.The Good: Co-ownership can provide financial relief and shared responsibilities.

(I do not know if she has a legit letter or not) Regardless, I understand FHA I can't deny her application based soley on the ESA, but if the one of the current tenant have allergy issue, can I deny then?

But now if you can find a property with an assumable VA (or FHA) loan then you can also assume their interest rate.

I would look at the data and then talk to local investors, they may have a completely different POV.

Is the next step to fill out the Request for Tenancy Approval form, have the tenant confirm their agreement, and then send it to the Public Housing Authority to schedule an inspection?

This can include opening some walls here and there so the inspector can check if everything is built to code, then you repair or tear down depending on what they find.