I want to make sure I take full advantage of all tax savings/deductions as a STR and don't want to jeopardize a potential audit.Do I report this on a schedule E with my other long term rentals?

I'm not worried about closing quickly, just trying to take advantage of high market value and low interest rates.

I thought it would come naturally from a decline in rates and a lack of competitive advantage among the larger lenders, but it’s clear the pandemic, and what’s likely to be a global recession, is now the driver.There are already a handful threads here from lenders asking how they can foreclose on the seconds they made.

I worry people will try to take advantage of this situation for know apparent reason.  

Not only the property has to appraise, but the property also has to pass the self-sufficiency rule, meaning 75% of income (if it's a 4 unit - the total amount of rents from all 4 units) has to cover 100% of the mortgage payment: PITI.In Chicago that's a challenge, so make sure your Realtor knows how to navigate everything that will pop-up after you place the property under contract.Lastly: If the property needs any work, take advantage of the 203K rehab loan or the streamline FHA loan ( lower amount of renovation cost, up to $35,000 including reserves).Good luck to you!

I will definitely take advantage of the resources available.

Whether you need it or not, you might want to draw from credit lines just like the developer or take advantage of some of the disaster relief loans. 

You have home field advantage. 

My tenants will be happy with me and it's much easier to do someone wrong, if you feel they've taken advantage of you.

As for the duplex vs 4plex, I can tell you all about those advantages and strategies.