There is no formula or set prices on rehabs.

Do mid term rentals listed through airbnb still need a separate, formal lease, similar to how a LTR would be set up.. or is the airbnb booking enough and provide enough safety to the landlord (e.g., tenant doesn't pay, destroys property, etc.)? 

Investors hate when agents set them up on auto emails and send junk deals.

What is your skill set? 

Use it if that's your best option available, but like the previous poster said, be aware that you need to have money set aside for the loan.

Financial Management: Set up a system to track your rental property income and expenses.

do you have a team set up?

A few weeks after paying the $25k, we set up our first meeting with our assigned CPA and started the so-called “advanced tax courses” provided, which are generic modules that only vaguely introduce financial concepts, topics, and terminology.

And if cash flow is a big goal, then get set up with a few short term rentals in a low cost area with decent numbers.

Spend a set amount of time educating yourself and then jump in is my advice.