You MUST have a correct STR policy specific to short term rentals.Check out Proper (expensive), CBIZ and Foremost (very popular here) to get some quotes. 

We’re usually structuring short-term loans in the 6–18 month range, with flexibility to build in interest reserves if that’s the right fit for the deal  . 

If you only have a standard homeowner’s or dwelling policy, you may not actually have coverage for short-term rental activity unless there’s a specific endorsement.

Before you buy anything you need to spend a ton of time before offering and during your inspection period figuring out all your expenses, deferred maintenance, and future maintenance items as best as you can.

Typically these short furnished leases have shorter termination periods and easier termination like a month to month so if you have a good month to month you are good.

Kelly, DSCR loans have definitely been the workhorse for investors scaling past conventional caps, but they’re not a magic bullet forever.What I’m seeing:Terms are tightening compared to the last 2 years (higher DSCR requirements, slightly lower leverage), but capital is still flowing if the property income is solid.Sustainability depends on discipline investors who underwrite conservatively (real rents, not pro forma dreams) can keep scaling long-term.Creative structures we’re seeing include portfolio DSCR loans (rolling multiple properties into one facility) and bridge-to-DSCR plays where investors rehab with short-term debt, then roll into a DSCR takeout.At the end of the day, lenders want to see properties that can comfortably service debt.

If you will only use the cash periodically and for short periods, I would lean towards the Heloc.

Considering your desire for a location within a 5-hour drive from NJ, here’s a comparative analysis of potential markets for your next short-term rental (STR) build:🏔️ Poconos, PAAverage Revenue: $44,656/monthOccupancy Rate: 45%Average Daily Rate (ADR): $422Market Insights: The Poconos region offers strong seasonal demand, with peak months in July and August.

Hi, we are considering turning our long term rental property into a short rental.

Even periodic video walkthroughs can help bridge that gap.The key is having a system in place so issues don’t slip through the cracks.