The updates they provide are bare bones and usually only come after I've reached out to them asking about the investment.

This amount provides a reasonable safeguard against potential claims if something goes wrong, like an accident or damage to the property caused by the tenant. 

Quote from @Burke Atkerson: With over a decade of real estate investing experience and over 100 flips, I now provide private money & hard money loans.

This ensures you can provide them with a clear and accurate scope of work.

I filled out their survey and provided some constructive feedback, even though I don't own a STR here.

-Provides peace of mind knowing you own the property outright, which can reduce stress, especially if income fluctuates during slower seasons.

Quote from @Samuel Hudson: Hello friends I am new the market and recently bought a home in Weehawken 6 months backs .Its a three family home and we are currently doing renovations Right now.The rent leveling board told me that two units would have to follow a rent of 1650 for unit 1 which has three bedrooms and another unknown amount for unit 2 which they don’t have the information for .The previous seller I purchased the property from bought it as a tax lien .He has kept the property vacant for two years with no tenants before selling it to me .However ,the previous Owner he bought it from must have had tenants .I am putting in a lot of money into renovations and want some clarity on the situation I am in .The property has been vacant for the two years and currently still is as we are doing renovation .It would be really appreciated if anyone can assist me on what information needs to be provided by from the previous seller for me to be able to set the rent based on the market value .Thank you . 

Please note the information provided below is a layman's definition designed to provide a basic understanding for the general audience.

Our job is to provide you assistance. 

That is often a matter of opinion and will depend on the attitude of your municipality.Most municipalities do not require neighborhood approval, but will offer the public opportunities to provide input which will be considered.