You can have the seller of the property sign an Assignment of Lease at closing, basically assigning all of the rights and benefits of the lease over to you as the new owner.

Over time, I’ve noticed that small, simple improvements often lead to big booking boosts — even before running any paid ads.Here are 3 strategies that have worked really well for my clients:1️⃣ Optimize your title & first photo – Make sure they highlight the strongest benefit of your space (e.g., “Ocean View Apartment with Fast Wi-Fi”).

Nice project~ Good thing the market turned for your benefit!

I personally think I could have a lot of interest in managing short-term rentals, and the tax benefit would help. 

Hey @Katherine Perez, so if you are at a minimum of 30 days, this is a long term rental.There really isn't a mid term rental, it is just a way to identify a property where stays are over 30 days but usually less than 180 or a year.Like @Krishnan Iyer said, there is no real tax benefit like there is with a STR.Another important thing is that your "guests" are really now tenants and they will have all the rights a tenant would have.

Hopefully you are benefiting from Active Participation tax benefit to offset you other income.

I absolutely believe there is a benefit to Wyoming LLCs, however the benefits are grossly overstated and cost greatly understated.

There are additional benefits to the seller, too, as they are receiving interest on the payment and there are some tax benefits as well (I'm not an accountant!).  

I'd say the biggest benefit in house hacking in Jersey City is that you'd be able to unlock short term rentals for your other units.

I understand your aversion to paying a tax professional, but you would be better off.Your attempt to DIY this thing may result in losing some of the benefits and even triggering an IRS audit.