Money and financial freedom can be made in many ways through real estate. Lets specifically look at the passive ways to create income through rental real estate properties.
First up is a long-term rental (LTR). This type of rental is most common and requires more up front work to qualify the tenant you select for the property. A standard LTR lease is one year or more. Typically you will have one or two checks ups through out the year to make sure the property is properly being taken care of. The scary side on long term rentals is not having a scheduled time to view the property and after a tenant moves out you have a disaster of a property you were not expecting. LTRs are lower cash flow than other rental types but require less work during the year once a tenant is found.
Next mid-term rentals (MTR). This is a one to three month time frame typically targeted to travel nurses, corporate rentals, or someone looking to relocate for an extended time. A MTR will need to be furnished similar to a short term rental with all one would need from kitchen items to bath towels. Adding any extra amenities will help your rental stand out and get more bookings!
MTRs will require more work than a LTR due to having more guests coming in and out a few times a year. You will need to qualify a possible tenant every time there is a vacancy. Rental income is more than a LTR due to the convenience of being furnished and for a few months at a time.
Short-term rentals (STR) require more work than a LTR and MTR due to guests coming in and out every few days. Plus, organizing cleaners each time a guests leaves. Communication with guests must be quick to help with any problems they may have from finding and getting into the rental or any issues that come up during their stay. The increase work from an STR definitely comes with it's benefits of rental income being triple a LTR in some cases.
There is an art to a STR that one must be strategic with when starting one. Guests are looking for more than a place to stay. This comes down to what amenities you have to offer to make a guest select your rental over another. Often the aesthetics of the interior will help for delivering fantastic photos that guests will see online when making the selection.
Remember this when deciding between which rental tactic is right for you:
Less work to more work: LTR - MTR - STR
Less income to more income: STR - MTR - LTR
These are averages but could change depending on ones specific city and location. Also, property management for any of these will help tremendously with the amount of work needed from you.

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