Purchase price: $80,000 Cash invested: $25,000 I helped my father-in law convert his LTR to a STR recently (he's owned it for forever, but we wanted to see if we could increase the revenue by switching strategies and updating it).

I don't think most of them know anything about landlord-tenant laws which varies by city in the Bay Area.

CA is a very difficult state to be a landlord in and there is a high likelihood that the PM was doing there best to save you from the headache of CA laws. 

Be very cognizant of the STR and HOA laws and codes wherever you plan to do this.

In many syndications, this notice address would have both the direct mailing address of the syndicator and often a law firm that helped draft the documents.  

@Seth Botner, I think this link explains it pretty well in general.https://www.legalmatch.com/law-library/article/deed-restrict...Here is the pertinent excerpt:Who Enforces Deed Restrictions?

Any suggestions, adhering to Michigan law is greatly appreciated. 

Make sure to check local laws on separate non-relatives living together, I doubt 3 bedrooms is a problem.

The tax law does NOT define specific requirements or standards for cost segregation studies, and neither does the IRS.

On another 10-unit mixed-use property in a nearby coastal town, we carry hurricane and earthquake insurance, in addition to O&L (ordinance & law) supplemental coverage.