Return to Investment Efforts After Hiatus

[Leah Trevino]

Disclaimer: Please pardon any instances of ignorance conveyed below. I am a work in progress.

Greetings!

I am attempting to return to a “House Hack” via RBTR in my owner occupied 2/2.5 condominium in North Austin. I started RBTR very soon after my purchase in 2009. This was highly beneficial and the LTR option coincided with my circumstances at that time. I continued for several years, shaving some years off my morgan terms and adding updates and improvements to the property. I ceased this practice in 2013 due to marriage.

Now (divorced) and carrying the PITI+HOA solo, I am desperately missing that second source of income and the perks that come with it. However, it's been so long that it feels like the entire playing field in the Austin rental game has changed. Additionally, I have no background or professional experience in real estate so I am struggling with initiation and access to vital tools and resources.

Goals in this movement: Apply rental income to continue to chip away at my principal balance. I have a little over 8 years currently remaining. I’d like to zilch that number and move towards converting this unit to a rental property, focusing my attention to the next potential purchase.

Areas where some guidance would highly appreciate.

1. 1.Rental term selection. From the little information I have gathered, it appears there is an increasing movement away from traditional LTR to MTR, STR and RBTR (with multiple individual tenants in one dwelling) with sources like Air BnB as an intermediate. Is my assessment accurate and are there significant benefits for this "choppy" methodology? I am partial to LTRs but I am not entirely opposed to MTR or STR, but only if the benefits are significantly skewed from LTR.
2. 2. Pricing: I have browsed online for a comparable market rate to my “offering”. However, all the rent calculating tools, including BP do not have options to account for shared spaces. Additionally numbers on websites like Apt.com seem to drastically vary for vacant apartment listings.Additionally, how would I determine accuracy of comparability to my RBTR while I am the additional occupant the the home? How to adjust for all bills paid options?
3. 3. Rental Agreement: Almost all my previous occupants were required to a lease agreement, regardless of my personal relationship to them. However, my old resources no longer suffice. Where could I obtain a template for a RBTR/Owner co-hab agreement that is thorough in addressing conditions that are situationally relevant to ensure that all pertinent/legally required information is accounted for?
4. 4. Are there any other educational tools/resources you can suggest would be vital or highly beneficial for my circumstance (Ex. Best practices for RBTR arrangements or just general landlord dos and donts?)

I know this is a lot to ask, so if you only have one single tip, I’ll take it. Each tiny piece of donated knowledge will be added to my Bank of Wisdom for future use.

Onward!