How would you suggest I handle an expense like let's say new HVAC system is needed a month or so after we close the deal on the portfolio?

They know the tenant base, median rents of different areas, how much to increase rent each year, ranges of repair costs (ex: tenant calls and says AC isn't working, no hot water, faucet is leaking, the HVAC system goes out).

As for ease of switching over, it really all depends on how organized your current data and business systems and processes are.

@Allen Moore In New York City, section 8 is awful, the tenants play the system masterfully and the courts are in bed with the city.

It also says:"MAINTENANCE: It is expected that major systems in and around the property will breakdown from time to time such as washer, dryer, refrigerator, etc.

That layout is fairly final.Luckily not in a hurry and just work the system and not get in a hurry.

Remember your costs will be more for an STR, you'll be paying for a lot of things you wouldn't with an LTR - higher STR insurance, all utilities including internet, supplies like toilet paper, paper towels, dishwasher detergent etc, upkeep on furniture and linens if damaged, yard maintenance and grass cutting/snow removal, trash removal, etc.  

The system I use has different catagories.

Its just very rare that this happens and this is mainly paranoia getting into peoples brain that they would need some sort of protection because of some high profile cases that have gone around the internet. 

This all came from a computer, printer and Internet access that was my startup cost never thought about it that way before, but yeah, thanks for sharing.