Where the owner doesn't have enough storage space, so it won't be short-term parking. 

and it's not only not cash, it's expensive money - for it to be worth using you'd need either (1) something short term, like a flip (not recommending that here) or (2) a very high return that beats the interest rate you're paying on it.

Everything comes with a risk but I want to hear everyone's opinions for both states in the long run, thanks in advance It really depends on your style and goals and type of investing.I invest in multiple states and there can be some substantial differences.First decide if you want to do Flips, Long Term Rentals, Short Term Rentals, Shared Housing, Multi Family, Land, Tax Deeds, REITs, Syndication, Commercial and then decide. 

I work on a ton of Padsplits in the Atlanta market and it is tough for a 4 bed co-living property to be much more profitable than a long term tenant factoring in additional utility expesnes, padsplit fees, and additional property management expenses.

As for your lot split I am unsure exactly what you are asking but an early hurdle if you do not own the property outright is to get the lender to agree to the split and work out the details.  

I am from out of state so wanted less maintenance in the short term while I build my portfolio and grow to the point where I am comfortable hiring a manager!   

A couple of things I like to tell my newbies-Owning a short-term rental property can offer significant financial benefits.

Featuring stylish, modern furnishings and vibrant, fun amenities, this home is perfect for a variety of short-term rental visitors.

That housing stock is new enough and you will probably not be dealing with a lower asset class which will increase tenant caused maintenance in the long term. 

@John R Bongiovanni Aside from those services, I have done a lower security deposit in exchange for a higher rent on a long term tenant and they were fine with that.