A well written management contract should clearly spell out what is expected of both the PMC and the owner, to PROTECT both and avoid misunderstandings.

Although the Ohio Building Code states the basement bedroom is a bedroom, the appraiser did not count the basement as general living area (GLA) and did not provide much value, if any, for the additional nicely refinished space.Does anyone have a recommendation how to overcome this barrier?

In my opinion, you need a standard (eg. no felonies) that is written and followed consistently to avoid fair housing issues. 

look at other STR data in the area and do similar style to do your best to recreate similar results 

I would appreciate that, would be nice to be able to ask a few questions. 

(this covers a lot of ground and serves as a nice framework)

Over the last 4 years HUD has written at least a million of these for loan workouts.

I made above market rate rent over 2 years and I vaguely can deduct how much they grossed and they were probably negative cashflow a little as the business became less lucrative but with all the nice furniture they invested, it should be either breakeven or lost money.

Both are super nice people easy to talk too I’m just not sure if they have minimum size  def worth a call!  

Which is nice since 5 years can feel like a long time to some people.