There was a flurry of furnished midterm and long term rentals available, and I suspect they were not successful so they are now trying long term rentals.

But if the tenant signed an agreement for the increased rent amount, that is sufficient to bind the tenant to the contract terms. 

If a primary residence is converted to a long-term rental property, can bonus depreciation still be claimed in the first year?

Are the father and son on bad terms?  

I also intend to hold assets for long term.  

We specialize in long-term rentals (7-12 month leases) for properties from 1 to 80 units; single-family, duplexes, triplexes, condos, townhomes, and apartment buildings, that's our bread and butter.

Refi from hard money into long-term owner-occupied financing was super tricky.

The short term rental loophole is for rentals where the average stay period is 7 days or less.

I’d recommend getting terms from private and hard money lenders.

Typically for longer term rentals, but you could try to strike a deal.