If you materially participate in a short-term rental you can take losses even if you aren't considered a real estate professional as long as you materially participate which there are many ways to satisfy this requirement.

My goal is to at least match my current monthly expense of $3k (After all units are rented) while aiming for long-term appreciation.

Why do you think purchase contracts are so long and have such small print?

And may not be the best for long.

You could probably just do a long term loan instead if the repairs are not heavy with a better rate and fees. 

In these cities, your financial resources will go a long way enabling you to assemble a diverse multifamily portfolio and initiate a steady stream of income.

(Short term rentals, mid term rentals, long term rentals, student rentals, sober housing, single family rentals)How much capital do I have to invest?

I currently have a SFH in 43219 that I am looking to rehab and convert into a long-term rental.

Curious on how long the permit process takes.

Not to say that you can't jump to long distance investing right away but if you don't have any experience I would try to at least invest in one property within a 1-2 hour drive from where you live.