You really don’t want to sell in under a month or you’re facing regular income tax plus self-employment tax instead of capital gains tax or zero tax if you move in. 

Hi Pafoua-I have dozens of options for DSCR loans with 620 credit that only go off the rental income, with consideration for your equity and credit score.

The long term goal is passive income, but we are willing to wait 10-20 years to get there.

I'm assuming it was too high, but I didn't see the sense in coming down as I knew I would be going down to MB to make some improvements, so a small rent wouldn't have been worth it to miss out on improvements for the upcoming high season-this coming September I will be ready to advertise for MTR and confident that the place will look Up to snuff!

I have a good amount of $ saved up, but since I no longer have active income, I need to create that to get started on my Journey.

if you have 239k in equity and sell the NJ home, you could use that money to buy a few homes near you and increase your monthly rental income.

Investing in rental properties can be a great way to build wealth and generate passive income.

Are there design specifics that you have noticed can help create more income? 

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.

As a reminder, Madoff "had annual audits".Part of my DD, while I do ask if a company has audits and shares them with LPs, I also ask for FULL financials: Income Statement, Balance Sheet and Statement of Cash Flows for properties through partnership level items.