The IRR only view is just too simple and other assumptions are too generic.The reality is you always want your money sort of levered with assets against the USD.

We have operated STRs since 1999 and they had been around long before then (STEs have existed for many decades).  

You are disputing a condo agreement we do not have and we know nothing of your paint and vent beyond what you say.Regarding amending the lease, it can be a simple document you and your tenant sign stating that you are amending the term of the lease to be 2 years, and the tenant has an option to terminate the lease at 1 year.Regarding the bathroom, if it has a tub or shower and no other ventilation, I would go with the vent fan as the root cause.

In the spirit of order of operations, might be helpful to break down in this fashion: 1) With your 401(k), do you have pre-tax money and post-tax Roth funds?

You can usually find some events by doing a simple google search.Feel free to stop by our quarterly event as well! 

What guarantees they'll be made whole in simple terms? 

I have an operate account for my cabin that I pay for as a backup.

Has anyone been in a situation where they acquired a condo and operated it as an STR when the HOA did not make the exclusion in their CC&Rs, but then faced resistance from the HOA?

Let's keep this as simple as possible....Ex 1: 3 single-family rentals, value $300-400 each.

Blue County = High taxes, pretty simple :)at $300 a month in taxes that’s a cash flow killer, you will need to go to the board next year and request an adjustment if possible, you may get granted but you will need to have a good report presented to the board with comps that are very similar to yours, but again it will be difficult because your property uncapped and it will never go back.