However, you can make changes as long as all parties agree.If the tenant agrees to removing certain clauses, or starting with a new lease, then you can move forward.

Also look into whether the city has already set up regulations around STR or whether there are potential changes coming down the line. 

When I made some changes to the property and put it back on the market about 15 months later for double what I paid, it was under contract in 48 hours.

Explore my personal favorites, Set For Life by Scott Trench or The Total Money Makeover by Dave Ramsey, for invaluable financial insights.3.

Mortgages are all below 4.5% - no intention of changing those.

The purchase price will likely be <$500K if that changes anything. - Value add - How much does it cost to build additional storage units? 

However, the losses you create might not even be suspended to offset other income.

They always seemed to have the answer for all of my problems in both the flipping world and over time, in my personal life.

I know there were many who purchased in CA in 2006/2007 who wished they hadn't and paid a life-changing price for it.One area we will have to agree to disagree on is your matter-of-fact statement that you are "almost always guaranteed to lose."  

These are big money plays life changing profits but RISK you bet..