The traditional rental has a nice return but my student strategy will produce a higher return, albeit with more work.

Since rates are so low, I'm thinking I could leverage this opportunity to purchase another income producing rental.

If you plan to do a lot of rehabs and you're on a limited budget you might as well learn the skill of drawing plans for rehabs and how to file permits.

The problem with a short-term rental though is that it's tough to determine/figure out the income producing potential of the subject property.

Part of due diligence is a lease file audit of the existing tenant base.

File for eviction the day a tenant isn't paid up beyond the grace period. 

File form 8832 with IRS and have the LLC taxed as a C Corp Pay yourself a small wage as a W 2 employee from the C Corp Keep the profits in the C Corp use that money by the end of the year for more purchases. 

There are 5 touch points.  1 is the initial posting on the door - (some leases will allow tenants to waive their rights to a 10 days notice - for late rents) or a 30 days notice is required on a MTM lease. 2 is the magistrate filing (about $150 to $175 - depends on how much is owed, and how many people on lease or you'll have to write "Et tal" after 1 name to cover the entire household when you don't know exactly who lives there. 3 is going to court - the local magistrate will mail you a date and time to appear.  4 is waiting the 10 days after you won possession.

When you file eviction, need to include the tenants name along with “and /or occupant “ .

Or, until you have a real estate empire then just file a Ficticious Business Statement and use a DBA and you can still get separate tax ID numbers from the IRS for each DBA.I am cheap and before making every business decision I often think about everything for several months, or even several years.