It isn't like this a condominium where assessments are paying for common parts of the building like the roof, etc.Prior to this, I didn't have much experience serving on an HOA board and have therefore relied on the management company for their opinion on certain decisions. 

In my view they made the correct decision and if you spent significant time recovering this cost, well I think we all know what that is. 

Prospective investors should carefully consider investment objectives, risks, charges and expenses, and should consult with a tax or legal adviser before making any investment decision. 

A turnover means repairs, painting, cleaning, marketing, vacancy time, and lost rent, so a small discount is often a better financial decision than churning tenants every year.There’s a lot more to consider, but these are some key lessons I’ve learned.

Factor it into your cost and decision. 

Now the decision between option 2 or 3 depends on a few variables.

What key factors influence your decision to partner with a lender for private money in real estate?

Quote from @Stuart Udis: My comment has nothing to do with comps and your decision to make the repair shouldn't be comp influenced either.  

If you know of any good networking events for real estate investors or short-term rental hosts, or if you’d like to grab a coffee and chat about these topics, let me know!

•Find out who actually makes decisions—tenant approvals, renewals, evictions.