If he is broke, its just a waste of your time, and I would say cut your losses now and consider it a lesson learned.

Happy to share learned lessons and provide some tips.

- Have any of you successfully navigated both strategies, and if so, what lessons did you learn?

Lesson learned - as soon as you modify something - it has to meet current code!!!! 

(Learned from my mistake) I am in the Tampa Florida area so after learning my lesson,  3 months statements and last years taxes. 

You can hire a high school or college student looking for summer work to do it. 

If you do LTR, then try some of the smaller cities and college towns. 

I'm interested in knowing what the 1) Townhome (TH) rental market AND 2) room rentals are like in Hyattsville, MD (20781) and College Park (20782), specifically: For TH and Individual rooms rentals:- The demographics of those who rent (e.g. students, starter families, commuters, etc.) and behaviors/preference.- Going rate for TH and individual rooms- Demand and saturation levels (how long does it take to rent), length of stay, etc.- Other market trends about the areas TH and individual room rentability - Frequency of renting versus selling in the areaI look forward to the insights you all share!

Lessons learned?

I bought a condo for my daughters to live in while at college and will keep renting after they are gone.