Don't think I would do it while it's actively being rented due to the unforeseen complications with your lease agreement, although once you do make your improvements focus on quality, which will allow you to ask a higher rental rate and will as a by product help with your screening process and hopefully attract a better tenant which should ultimately increase your ROI.

@Heidi Kenefick In addition to what everyone else mentioned about the photos you might try beefing up the description, when I go to your listing all I see (besides the pics and standard info Zillow provides) is "No cats allowed".

I plan to use a property management but I wanted to "beef" up the lease as much as I could with any helpful verbiage. :-)

It doesn't matter what the MLS says, what matters is what your contract stated - was property to be conveyed in "Fee Simple" or "Subject to an Annual Ground Rent" (Section 6 of the Maryland Realtors' Residential Contract of Sale, if you used that contract).If you signed a contract to purchase "Subject to an Annual Ground Rent" then you're probably SOL (although, to Russell's point, ground rents are usually no big deal).If you signed a contract to purchase "Fee Simple" then I think your beef is with the Title Company.

I have a real beef on this topic (but not in LA per se -- I have no pony in that race)Here's a few reasons I think STR operators SHOULD follow laws. 1.

Now, if they are not living up to their Property Management Agreement, then yes you have a legitimate beef, and can look for someone else. 

I'm in the process of beefing up my purchase agreement.

I spent quite a bit of time with them trying to buy a number of their properties under the TACT Program, or at least get them to agree to a pilot in the Phoenix area.My only major beef with B of A is that they are the only bank to date to decide NOT to participate in the TACT Program as a way to clear up their $60 billion of toxic assets.To their credit, I was able to discuss it with them, share the benefits and they had discussions with various execs before saying no.

Wholesaling started as a by-product of an investor who had too many good leads from great marketing.

I am going to Sturgis SD and have 3 sites secured to sell Beef Jerky, (BTW Best stuff you have ever tasted!).