Sure there is a very small chance that something will go wrong, but with the tightening rental laws spending a little on a proper lease is smart.

You don't have a great case for a tax appeal here because it looks like it was upped based on the renovation and improvements done prior to you buying it.

Thanks Anthony, solid idea to improve efficiency.

And have you tried to work with Premier Bank by any chance?

I would have to say after what happened to me I would say give him a chance.

What criteria would you be looking for in order to qualify and what are the chances of pulling this off? 

I wouldn't necessarily put a lot of efforts into improving/building/spending in hopes of staying booked solid, but it is a nice 'side hustle' for a pretty piece of land to bring in some extra income while it sits. 

What is your skillset or time availability, what is your network currently like and do you need to improve that?

Get my money back in less than a year, and it's a great amenity.If you live in a wealthier area, chances are the residents will have their own unit, so you may not have to provide one.

But I agree with an above poster that $10 psf in tenant improvement seems low, unless you can find a turn-key tenant to occupy that will require very little renovation.In DFW, for 2nd generation spaces, I've seen LLs underwrite at about $25-35 psf in expected TI allowance (subject to the lease terms and tenant credit rating).