Hi Jasmine-Congratulations on being ready to turn your primary residence into a rental.Your question is should you use a property manager or self-manage your property.If there is enough positive cashflow or you can afford to pay a property manager, I always recommend doing so for the following reasons:1.

There is now some positive cash flow (not much considering the value of the asset, but a lot considering where the initial cash flow was).  

Does anyone have experience of setting up a STR while in the same position? 

The cost to build will be significantly more than the amount of “value add” of an ADU putting you in a negative equity position.

As a reminder, listing tenure positively impacts your performance on our marketplace.

By the way - for the same reason the 1st position lien holder will be uneasy with 100% CLTV, as a buyer I would be uneasy with it as well.

I'd personally never take capital that I am paid to manage without committing my full-time effort to the situation and putting a majority (I reserve the right in the future to make this 1/3rd of my position) of my wealth into the situation. 

A national buyer would review the BPO and maybe do some brief online research, but would not typically not know, as in your example, about the sewage issues or extent of interior rehab needed.

Rentredi seems to do it all but the reviews for it say there are a lot of bugs and a lot of hidden fees.

Hi Allen, that’s an exciting position to be in—$500k gives you a lot of options!