I set clear rules: no cooking, but guests could use a microwave, toaster, and coffee maker.

If you are looking to just obtain the 25% redemption rate set by the state for properties that are limited to 6 month redemptions.

As for strategies, do you have any other skill set that you can bring to an experienced operator?

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A good approach is to set aside an additional 5%–10% of gross rent for CapEx, depending on the property’s condition and renovation quality.While turnkey companies often provide attractive numbers, it’s important to remember their goal is to sell properties.

Your best bet is to read information from public blogs that approach both options objectively.

Hi Raghavendra,Sounds like you just need to wait till your LTR tenants move out to start setting up the property as a MTR. 

It keeps each set of books separated and allows for quick analysis of each building.

Their previous lease includes a portion of storage in the basement with laundry access(also in basement).Current set up: tenant occupies floor #2 with separate access to the basement for their laundry and storage.Future plan: reno basement and remove storage/laundry access for tenant.

Remember, no system is perfect, so avoid the temptation of constantly chasing after the next shiny object.