You have already taken the biggest step in insulating the attic.

If you could work it into a combination STR/MTR and rent mid-term to people working in the area for the down months, the market could work, but aside from that I don't see a ton of value in that market for the prices you have to pay, you basically have to make a years worth of expenses in a 4-5 month span.I don't have specific knowledge of any of the other markets on the list, but based on this one it seems like not much analysis went in to any of these properties and its strictly based on a rough estimates of revenue.

So for the first item on the balance sheet you put the purchase price and then for the WIP item you add all purchase closing costs, reno/holding expenses, sale closing costs and then finally put the sale price as revenue?  

What were the biggest lessons learned and was it worth the cash flow savings?

I am also happy to help with revenue/occupancy reports based on experience, so you'll have that perspective. 

The biggest thing for us is that we do a ton of rehabs. 

The biggest "risk" is them performing, because at end of term that means they complete purchase of property.

Do that every year and you can use the additional revenue to deal with these kinds of situations when they come up.Also, if you live in a regulated area, you may want to look up your right to pass through costs when you have to do a major repair.

It also saves you the time from having to do the task so you can have time to do other things that generate a higher revenue / per hour.

It's the biggest value-add right now in the sunbelt it appears.