Hi, I'm looking for advice on purchasing a long term rental. 

Long term rental is the easiest investment strategy and just start there.

I have over a decade experience managing my own short/medium/long term rentals.That being said, I'm not really sure where to start in managing other's properties (I may be overthinking this quite a bit).   

The answer varies greatly depending on the arrangement of your deal with the owner/landlord but in general you need renters insurance to cover your contents (since you are renter presumably) and then excess liability coverage for your short term rental activities.

Now that we have agreed to the terms and conditions.

Are you looking at long-term rentals only?

If ab2482 does not apply, then 6 month lease (so the tenant is not treating it as real short), then have it go month to month until one of you wants to give notice.

Ok I'll try and be short and clear.

And in terms of the work we've had done, I've been told that once you're "dried in" it can also qualify as a fix and flip loan. 

(Short term rentals, mid term rentals, long term rentals, student rentals, sober housing, single family rentals)How much capital do I have to invest?