Consider all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.

There are lots of vetting processes and details that need to be addressed before handing over the keys. too late now. 

My 70 % rule...ARVx70% - rehab cost = purchase price.  2nd question....

Quote from @Harrison Jones: Thank you for the great question—it’s a critical point to address.

Quote from @Kyle Biggs: I believe the cash to rehab will be 30 to 35k.

Would you mind sharing how you addressed the transition period in your contract?

Had structural issues (wall caving in) that I addressed a couple years ago.

If you don't like your current PMC, analyze specifically WHY and then go interview others and find out how they will address your current issues.

The property will need to have a slight rehab to get it up to STR standards, but when complete it should easily be a $200k Gross booking revenue property.

There is still a risk: You do not have the right outprice and lose money, your deal goes south due to unfound things when you bought it, then the rehab phase brings them up, and you spend more, and the market changes, which is something that can happen on a moment's notice.