Be sure to shop around for the best terms and understand the refinancing process post-rehab to ensure your numbers work.

How feasible would it be to transition her to Section 8, and how long could this process take in Brooklyn, NY? 

I would have asked you what your long-term goal is but you have already thought about it.

My two cents but the ship has sailed for short term rentals in this market.

No kidding this is as simple as it gets.. just advertise that you accept shorter term leases and riase your price.. we have been doing it in Vegas for years..

Usually, we're looking at credit scores, Loan to Value Ratio,  & experience level, for the rates and terms.

Phoenix contains a rare combination of elements that have created an outstanding market for distressed property investments, including the following:Cost Savings: Distressed properties are sold below their market value and enable investors to take hold of properties at a trifle compared to traditionally listed properties.Strong Market Fundamentals: Being among the fastest-growing cities in the country, Phoenix ensures a high demand in housing and rentals, hence good potential for resale or income from rentals.Value Creation Opportunities: Most distressed properties need renovations; thus, such situations present opportunities for investors to increase equity by adding value.Population and Economic Growth: Phoenix remains among those cities in the country which are attracting more and more residents and business; therefore, this presents good, long-term appreciation possibilities of property appreciation and income creation.Challenges to ConsiderWhile the rewards can be great, distressed property investment is not without its challenges.

Then do a thorough research on tenant applicants (note: leaving this to a PM may be hazardous to your financial health) and choose the one that is most “stable” with the best potential for long term tenancy.This advice is contrary to maximization of rental income, but IMO will reduce expenses of tenant turnover, property damage, property management fees so much that the difference in bottom line income will be quite small.  

While the prices are attractive, I'm concerned with its long term viability.

Quote from @Ryan Pham: Is there a reliable way for to est income of a furnish / short term / airbnb  incomevs long time income ( I know this can be est looking at comparable posting in same area )I have a 3 bed / 1 bath small townhome ( hoa approved ) I like to try to fully furnish and do airbnb / fully furnish rentalThis unit is 1 mile from Banner Desert Medical Center ( traveling nurse ?