The kicker is the W-2 jobs (along with the salaries that come with them), and the need for the real estate "Service Hours" to be greater than the W-2 hours, and the "Modified AGI" to be $100k or less.For a full-time W-2 job, I do not see how anyone satisfies this part without some inflation (I am not pointing fingers, just saying).

People love to make landlords and/or STR operators the "bad guy" and ban the short term rentals (see Boston, Cambridge, Somerville) but when they make AirBNB the bad guy, they (gen pop and politicians) dont address the real problem which is no new construction and major limitations in zoning or redevelopment.There is a way to have both STRs and a healthy housing market, but the problem is everytime someone tries to modify a dwelling or build a development all the NIMBYs pop up and kill it and then complain that rents and prices are going up.

Be sure you understand which applies to the property you are investigating.The Governing docs will describe what elements of the property are truly "yours" to maintain and modify, and what the HOA is responsible for.

That said, I've never seen them on NNN leases (which already hedge you from inflation) only in NN and modified gross leases where the landlord expect to be impacted by the rise in inflation.    

Not necessarily a deal-breaker, but needs to be accounted for in extra cost)- Lathe and Plaster has pros and cons (Make sure you know them)- Insulation in modified walls (Old houses tend to have wooden expansion walls built against stone exterior walls.

You then can ask the project manager to help revise it, modify it, or add or subtract to or from it.

However:We are noticing the market is getting saturated with vacation rentalsWe have had to lower our rates to keep high occupancy especially in slow seasons like summerWe added a hot tub to one of our properties to see if it would help bookings - it has but it was a big expenseVacation rentals have had negative effects on communities like Sedona by driving up housing costs and making it more difficult to find housing since most people want to turn their properties in vacation rentalsWe are pretty concerned that the law that originally inspired us to do this is going to get repealed or modified (SB 1350)If I were buying a property now in AZ I would be more careful about pulling the trigger.

@Joey ChrismanSome areas require a permit to paint a house or to even replace a storm window or door.Usually a home owner can pull the permits.My county in Illinois will not allow a home owner to modify a septic system al all.

So can I just take what BP offers and modify it for the situation myself?

@Bryan Hartlen -I wouldn't modify the loan or allow an assumption by the new property titleholder.