In terms of the math, let's look at return from rental income and return for equity:For each item, calculate a year's return, and there's your approximate ROIFor the ADU conversion: ($4000/month x 12 months)/$500,000 cost = $48,000/$500,000 = 9.6%That's before expenses, which will cut that number down by several points.

This will cut your workload a bit while still getting somewhere between the LTR and STR profits.

The original ownership was very smart in that it has a campground component and there are over 300 houses in 318 acres.

They said they could potentially take action if the survey shows the boundary line truly cuts off the driveway.

If I list with them, they are for sure the "exclusive broker" for anything sold thru the MLS, and it's pre-negotiated that the buyer agent's cut will come directly out of the agreed upon price. 

If you are raising the rent I'd make sure its cut and dry and is at the end of their lease term, I wouldn't trust that notarization tid bit you got from someone else, if the lease is signed and executed its likely valid through the full term. 

It gets old and I have cut back quite a bit.

An absolute headache to deal with due to corners cut by the builder (we are outside of the build warranty). 

It's death by a thousand cuts just bleeding cash before I make a dime in revenue.

This is where the operating agreement component comes into play.