I am out of state so I have a reputable PM handling the tenant but I want to make sure I am adequately protected in terms of liability and such.

Your mentor has needs; try to meet them and develop a mutually beneficial relationship.A mentor can benefit your growth, but it's not as simple as one post on a forum full of strangers.

The parameters and guidelines of which fields benefit you the most? 

Aaron,No you will not find a Bank/Lender that will go into 3rd lien position if you if did I would not want to see that rate in terms of "High".

Long term tenant moves out this summer.

@Taylor Holden Hello Taylor, LVP luxury vinyl plank flooring is going to be a much better long term solution to flooring than carpet.

Some a short-term loan can also help you with DSCR loans with fewer regs and guidelines making your loan process much simpler.

You may need to show that you have completed at least 1 fix and flip or hold to get the full cash out, otherwise it may just be a hold back for the renovations and a rate and term refinance for your 1st mortgage 

Having said all that, if the area is large enough, the fence is in good shape, the owners seem responsible and your covered by insurance it could be a good opportunity to get a good long term tenant. 

I understand for a flip they will get a percentage of the profit, but I'm not sure how they benefit from a buy and hold.