You should have a clause in your lease agreement or an addendum detailing their responsibilities along with penalties for violations.At Keyrenter North Jersey Property Management, there are a couple things we always go back to when making these decisions:- How can we provide the best value/service to clients and tenants?

Be wary of front loading on the itemization/draws in the contract. 

Sometimes they find a renter that will sign a lease for a high amount only for the renter to default leaving the owner eating the vacancy. 

It does later say in the agreement that it is:"binding upon persons who own, lease, sublease, or occupy any parcel or portion thereof"The inclusion of which seems to imply that long term renting and/or subleasing would NOT be commercial use.I'm trying to figure out if I'm taking a significant risk buying this property for use as an STR.

Get to work on it and lease it.

Lease is coming up for tenant and we would love to sell the property, but just don't think we will be able to get what we payed for it back in the summer of 2018. 

My go to for lowest hassles, taxes and  transaction costs are Lease Options or selling directly to the renters. 

They can handle time-consuming tasks like lease renewals, tenant correspondence, and basic admin work.

If the tenants are on contract, you will inherit that low income until the lease is up.

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases.