You need to make sure that your property is easily financeable if you decide to sell it in the future and any future buyer can call out non-permitted items and actually report you to the building department or, at a minimum, ask for seller concessions.

In Oregon you can kick out who ever is living there unless the federal law regarding arms length leases comes to play..

I did my own lease agreement.

The DSCR program "Must use the lesser of the two either common rent from the appraiser 1007 rent schedule form on the appraisal or the lease".You also have to factor in the taxes and insurance because a guesstimate or ball park can kill the approval. 

You have to purchase in cash and you can only stay in them 28 days per year because the HOA runs it like a business and leases the HRH name but you do own the deed.

Costs ran significantly over on both of these items and not being in the area it was not possible for me to add my experience in renovations to lowering them. 

The office space added represents a saving of $2500 a month I was going to pay in a lease for an offsite building for my expanding team and staff.

I'd recommend the spread on the return and your ability to replace damaged items (local vs. not local, strength of your team) be the determining factors in that decision.

I have managed these properties from renting to leasing/repairs etc.

@Jae Yoo you should read your PM contract very thoroughly or even hire an attorney to do so, before thinking you can just break it.How would you feel if a tenant just broke their lease with you?