Hi NYC neighbors and out of area investors: I'm wanting to know how many of you have chosen to use a hired manager for your long term hold rentals.  

Are there any investors in Carbondale, Il who have experience with short-term rentals?

Seller credits, zero interest CCs, borrowed funds from family as options and on surface they may seem stressful but if done responsibly on the right deal will be worth the effort to "figure it out".

My mom has established new lease terms with a 5 year lease agreement with the Company in an effort to protect herself against the possible liability that would come from having to remove the blades, and required a huge insurance policy to protect her against this too. 

This way, you can immediately rent the basement, whether STR, MTR, or long term and use that rental income to update the rest of the home, one room at a time, to increase its value.

I know this is a long term strategy. 

My partner and I are looking to create a portfolio of long term rental properties to create freedom and independence from our W2 jobs, and create a foundation for generational wealth.

(the same loan you likely used to buy the now rental and your current primary) There is no reason no to use a conventional loan if you qualify because the rate AND terms will be better with a conventional loan then a DSCR. 

You would want an closed end second mortgage instead of a HELOC for a long term cash use like a down payment.

I think anyone who is holding property here with a long term view and doing it smartly is more likely to be rewarded for it than not.