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

So, the terms of your lease should be catered to that, with very strict insurance terms, personal guarantees behind any company signing your lease, requirements that lessee handles all repairs and maintenance, additional security deposits, and I would go so far as requiring minimum review quality for the host, limits on quality of guests they can accept, etc.And to your point about Airbnb not doing background checks, you are right.  

I know this is a long term strategy. 

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

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.

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.

(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. 

Also some lenders will offer this on newer originated loans.It’s not common but I have seen it offered on occasionIf there is a higher default interest rate then I would consider it but if it’s the same rate as default I would not accept it

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.

Long term rental, short term rental?