There are situations where it is more beneficial to end the current lease and start a new one (ability to change lease terms, rent amount etc), and there are situations where it makes more sense to just do an addendum.

The real property investment can be repositioned if it proves disappointing in its original form; it can be refinanced or recapitalized if it has too much or too e pensive debt; inflation over time bales out many bad purchases, and finally the investors knowledge, experience and abilities can be leveraged to turn around a cash flow negative property.I’ll provide an exampleThree years ago we purchased a note from a bank secured by two auto repair facilities with a large amount of excess land.  

We have to interpret the phrase to the best of our abilities, aka guess.

They force you to take instant bookings without any ability to screen guests.

This would not necessarily be the case, or the spread could go the other way, though such motive could present one reason for conversion.I am not even sure if rent control gets eliminated through a possible condo conversion in most towns in Hudson County - West New York, for  base condominium rent > $1000, is one exception, it seems valuable to determine the others.

I also sold 2 properties to one out of state and another from Pakistan and the buyer never walked through but relied on the home inspection to determine scope of work or to complete the deal.    

I also have multiple streams of income and the ability to reduce my expenses sharply if needed to payoff a major unexpected expense.

As others have mentioned the ability to gain experience without risk is very valuable even if you are not making the profit you would like.

So you cannot just look at industry Cap rates alone unless you understand an operators abilities for higher yield on costs.BAM Capital is becoming an institutional investment company in multi-family Real Estate with Brokers.

It provides an opportunity to see what's happening in the units.You still have the ability to evict for lease violations, but your less likely to face non-payment issues.