Having an accountability partner is very important to make sure you stay on track. 

You also said you purchased a few months ago and you the employer isn't shutting down for a few more months...I'd try to ride out staying where you are as long as possible.

Therefore you won't need to qualify for REPS status. https://www.therealestatecpa.c...Here's the section which is most relevant to STRs of 7days or less (or 30 days or less with substantial services):"If you rent a property to customers with an average stay of 7 days or less, on average, this is a short-term rental.

Would you stay in current unit get a credit card and furnish the other unit?  

Thank you for the feedback, it's reassuring - and I hope you stay pissed forever too!

I effectively got it for free and was able to make some renovations as well, now this property cash flows and has great tenants.

If you proceed with optional Repairs/upgrades you will likely bust budget (hopefully not as bad as we did), but should have years of trouble free service.  

Feel free to reach out to me at your convenience.

We prioritize OUR lifestyle and free time over income.   

On the other hand, hard money lenders can be more flexible with down payments and its about 10-15%, this frees up your capital for renovations.