Our counsel previously advised we are legally entitled to a greater amount including all lost rent until the home was re-signed, cost of lock-out, cost to clean up house, physical damage, ect.For context, this is a solid house in a decent neighborhood and we never had prior issues with the tenant. 

I am clueless when it comes to the economic development board, but I do know that Waco in general is extremely business friendly and has very little regulations compared to other Texas cities.

The area seems to be appreciating by $50k each year looking at previous sale’s and comparing to Redfin/Zillow current values. 

Prior to 2022, I could get some cash flow.  

We require first and last month's rent and security deposit prior to move in.

We recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.

When there's tenants already occupying the property, there's often times different leases that were signed among the tenants.Additionally, renting by room usually sees higher tenant turnover which in turn causes more work for the PM.Other challenges to consider:- Disputes/conflicts among tenants (different personalities if a tenant doesn't know the others prior)- Occupancy limits- Splitting utilities (what if someone uses more water?)

Here's my primary reasons:Expenses disproportionately impact lower rent collecting properties For illustration purposes compare two identically designed 1+1 duplexes in the same market.  

If the tenant purchases prior to the PPP term, you may be in a tough spot.

Compare the STR PMC managed numbers to those for LTR PMC managed.- The numbers may have an impact on your decision.You may also want to read your condo's Home Owners Association Master Deed & Bylaws to make sure there are no restrictions on any type of rentals. - Many HOAs have LTR restrictions and some now have implemented STR restrictions.Also, hopefully you've updated the home insurance policy of your current STR rental from a homeowner's policy to a landlord policy.