It all depends on your specific circumstances and I think getting other's opinions is helpful but what works for YOU?

Rent control laws are market specific.

In most states, Airbnb rules are city and county specific.

Give them notice that their lease will end and you expect them out by a specific date/time.

I can envision that the numbers on these luxury homes would lead to to a long lag time...but hopefully I'm wrong. 

@Kevin Waymire I have bought and sold 5,300 units.What specifically are you wanting to know?

If you want to network or ask specific questions about your local market, go to your local real estate forum and connect with investors from your area: https://www.biggerpockets.com/forums/86-local-real-estate-networking5.

There are a lot of market-specific issues you'll have to grapple with and also, there are plenty of landmines in MFR on its own in CT that you'll have to be ready for, in addition to the nuances and complexities of developing something like this.

Fractional TICs give owners the financial independence that has been associated with condos, without the need to wait for a condo conversion, a process which can take anywhere from 2 to 10 years depending on the specific requirements for the subject property.

You may make $50k on a flip but have to wait 6 months from list. ( in specific areas - not all of CLE)As a full time investor turn time is hyper important for me to turn my properties and money over as many times as possible in a year.Another example is are you a flipper or a renter.