This means that you model the income and expenses for each.The reality is that those are two very different income models, long term rental is a passive income investment (per IRS, not reality), STR is a business.If you are conservative, you want the STR to be able to function as an LTR in the event that sufficient bookings don't happen or local regulation makes operating the STR untenable.When you buy an STR you should be looking at very different criteria than if you are buying an LTR.

The permitting process can vary depending on the specifics of the project, such as the size and scope of the renovation and the zoning of the property.If the property is zoned as single-family, there may be additional requirements to meet in order to legally convert the garage into an ADU.

Sorry I can't recall the specific person or where it was posted but if you search I'm sure you can connect with them, or who knows maybe they will see this! 

Establish a screening criteria and adhere to it consistently.

I maintain an extensive screening criteria and have facilitated numerous same-day move-ins.

Hi Jose,Is there a specific refinance program you are looking at?

Require a state-specific lease agreement.

Specifically, the SBA 7(a) loan program can sometimes be used for purchasing commercial real estate.

It's beneficial for those who need a specific amount upfront and prefer the stability of fixed payments.HELOC (Home Equity Line of Credit): Offers a credit line you can draw from as needed, with a variable interest rate.

Also, specific advice depends on me providing more details.