We are therefor talking about two separate topics...success and maximising profits.

Cut corners where possible to maximise cash flow and don't waste money on anything that doesn't add equity to your home.

My thought train is how to maximising cash flow income from multiple income streams and not just vacationers.Maybe you have time one day soon to chat :)

Typically single family homes are not designed for renting by the room, so you just need to expect to do upgrades if you want to maximise the use. 

@Rahul SunkavalliI would maximise both. 

Since it's such a high demand area I would try to drive down the purchase price deducting repairs and maximise rent making the units "luxury" rentals, also who will be paying for utilities are the units metered separately?

Mortgages on rental properties is where cash goes to die.If you want to maximise your returns the last place you want it is sitting dead all in one property when your tenants are actually paying for the property.

Likely the only difference between your business and mine is every decision I make is to maximise my business income.

Be conservative while maximising your income as much as possible.. 

It is holding back your ability to maximise your returns and is not earning it's keep.The fastest way to turn a investment income property into a liability is to pay off the mortgage.