Also, I work with a lot of long-term RE investors and none of them look at ROI.

I’m holding for the long term.

Hey @Eric Andersen, so there are a lot of regs in the DFW area.https://www.fortworthtexas.gov/short-term-rentalsRentals are not allowed in residential districts: A-#, AR, B, R1, R2, CR, C, D, UR.Dallas recently banned STRs in single family homes but there was an injunction that blocked it.

It may work in the long term but can be a painful process.i wish the OP the best and i believe he can benefit by recognizing the value in the various responses but seems unwilling.  

This is usually rare, and the cost of these major repairs can be negotiated to be reimbursed at the sales closing when the option gets exercised.- The exit is defined according to the option period. - There are very low management costs since the property has long term tenants that take care of their own repairs.

Hey @Joel Oh, so let's clarify the NYC rules around STRs.STRs are legal in NYC as long as these directions are followed."

@Meghan Carson i'm considering long term rentals and am not opposed to turnkey.

As long as you're filing jointly, both meeting the 2 yr use test, and either meeting the ownership test, then the full $500k can be claimed. 

Did the proceeds from the sale count as short term or long term capital gains?

Another thing to add is the regulations, HOAs and Cities are imposing a lot of regulation on short-term rentals or rent by a room, I have seen some HOAs regulate the amount of people authorized to rent the property too.It requires to do a lot of due dilligence to begin with mainly in such big house.