Can you inbox me the details?

I will spend more time answering in detail.

PM for some more detailed info.  

Current lease term (expiration date, month-to-month)7.

Is that a widespread thing, and if so what sort of terms can we get?

Ideally, I'd like to run a strictly mid-term rental operation, though I'm open to short-term if it make sense given the regulations here.

Conversely, rental property activities reported on Schedule E of your 1040 tax return do not present the same way.Third, all rental activities, including short-term rental (STR) activities, within a partnership tax return are reported on Form 8825.

Brendan,In banking terms you might be "Risked out" meaning too many mortgages which equal "Excessive Tradelines" and those two things equal high risk.

It seems like a great deal in the long term, but will be very difficult/expensive to make it cash flow for the first couple of years.  

If you have a lot of equity in the property and the loan to value is low enough, you could get favorable terms on a cash-out refinance.