As investors we seem to have "formulas" or rules of thumb to help us through our decisions.  1% rule, 70% ARV, etc...Anything that helps you quickly decide when a short term rental is better than a long term rental?

An individual qualifies as a real estate professional for the tax year if -a. more than 50% of the personal services performed by the taxpayer in all trades or businesses during the tax year are performed in real property trades or businesses in which the taxpayer materially participates; The rental or any other activity that you do not materially participate cannot be counted. andb. the taxpayer performs more than 750 hours of service during the tax year in real property trades or businesses in which the taxpayer materially participates., the rental or any other activity that you do not materially participate cannot be counted.

Sounds like you mostly need a plumber and/or an HVAC contractor (depending on the township, the trade that signs for an HVAC could be a separate HVAC contractor, a plumber, an electrician, or even a general contractor) to apply for permits.

They don’t need to be local to me.My wife and I are mid 40s and save regularly but I want to know we are making wise decisions.

Haven't made the final decision, but there are some compelling reasons to go with this one. 

I think that's a great decision.

Personally, I wouldn't even start looking for deals until this was lined up because when you are up against a lot of excellent cash buyers and you are interested in getting deals with equity, you need to have the ability to move quickly and decisively---be the buyer that is remembered and the deals will come :) 

I trade the futures market I know first hand how hard the market is. 

I would be thankful for the quality of tenant you have after you admittedly rushed the decision. 

I’m away at a trade show right now in Las Vegas, but I’m back on Monday.Kevin