I'd also like for them to be aware of costs like insurance and taxes, so that they have a better understanding, but I'm not sure that's really that important.

The letter also states the total non-rent items currently owed by the tenant, such as accumulated late fees or repair charges.Also very important, the tenant states they have no unresolved issues with their current landlord, except as listed in a space provided, and they have no current plans to cancel their lease under the Service Members Civil Relief Act or for any other reason. 

And, perhaps most importantly, make sure you have access to flexible financing options that can help you adapt to new market conditions.

What you are asking is a super important question and it doesn't just apply to lenders.

Here's what's very important to understand: you still owe depreciation recapture tax on $100k, not on $70k!

However, your mother-in-law is a related party to your wife.Given this, it's important to understand how the title is held on your rental condo?

I don't personally care about checks anymore so that wasn't an important feature for me. 

Hey @Grant Woodward, you can never be too cautious when it comes to guest safety like @Lauren Kormylo said.There are dozens of things at your STR that could cause an injury or worse so making sure all the ducks are in a row and quackin' in unison is one of the most important things you can do.Like @John Underwood said, make sure you have a rock solid insurance policy that covers the pool and adjoining areas.

Clicks and conversion rate are extremely important.

That said, if you can afford it and have the reserves, and more importantly think you have a decent chance of increasing revenue with the vacant units then I'd probably go for it.