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I just extended my lease to a 2 year lease because of this success and fully believe that this airbnb will continue to do well.The newly onboarded airbnb:So the new airbnb had a little bit of a rough start, the laundry machine had to be replaced as it stopped working whilst I was testing things out in the home, I had a bit of a higher cost setting up the airbnb, (painted and filled in cracks that were previously present) but to be honest I spent around the same I would have spent if I had to fully furnish the home.

The below pictures are the outline for the approved plan released by the Alexandria Economic Development Partnership in 2020.

I've always gotten a signed "authorization to release loan info" from the owner on record. 

Can you extend settlement in order to get approvals? 

To maximize the sq/ft (and save cashola) and give it a more spacey feel, I’m doing open shelving instead of upper cabinets and the countertops will extend all the way to the near wall, fully covering the front load washer and dryer units, which also have their home in the kitchen.

So even though rents grow over time, if lucky it's a net-0 if holding for extended periods. 

If so, I would definitely consider a shorter-term lease or MTM lease to get you into that period and re-negotiate with the current resident or re-lease it at a higher rate. 

The Construction Agreement says they have access for 6 months and can extend up to 12 months.

Talk to your tax advisor about how to release your passive activity losses based on your situation.This post does not create a CPA-Client relationship.