@Mary Olivent - I have a two page basic lease now, and then some additional pages that supplement it with "house rules" or local pages about smoke detectors, etc.

The things usually covered include (i) whether the tenant's lease is in full force and effect and has not been assigned, modified, supplemented or amended; (ii) whether all conditions under the lease to be performed by the landlord have been satisfied; (iii) whether any required contributions by the landlord to the tenant on account of the tenant's improvements have been received by the tenant; (iv) whether there are any existing claims, defenses or offsets which the tenant has against the enforcement of the lease by the landlord; (v) whether any rent or related payment obligation has been paid more than one month in advance; and (vi) whether any security has been deposited with the landlord.

I am also getting ready to launch a sports supplement brand (ARBOR ORGANICS) which has also been keeping me busy.

Assuming you're burning gas, one thing you could easily do to supplement the heat in the basement is run hot water baseboard from the domestic HW heater.

If they will stay fine, if they intend to leave give them 2 months notice to increase rent allowing them to find a place and for you to screen new applicants at the new rental rate.This will allow for a smooth transition without a vacancy and gets rid of inherited tenants allowing you to bring in tenants to your standards to properly educate.Giving smaller increases over a longer time period will end up in the same position, at some point with the inherited tenant leaving, and only places the landlord in a position of having to supplement their rent till they do leave. 

So, to get $4K/mo off $250K is a bit of a stretch but many of these sponsors offer refinancing or supplemental loan opportunities to return equity back to investors in a shorter time horizon like 2-3 years which could increase CoC and IRR numbers that can get you in the ballpark you desire.Once you identify a niche or two you like, vet the sponsors.  

That being said bills are already in place to supplement more insurance companies and options.

I'm looking for insurance options in Las Vegas.Any AirBnB landlords have experience getting supplemental insurance for rooms or guest houses they are renting off of their primary residence?

You have to do the roof on that house and it costs $7,000, well you had the cash on hand and you don't need the cash flow to live so you just don't make any money for 1.5 years as you replenish your fund.The issue is a lot of people spend all that cash flow and don't have the liquid reserves or supplemental income to handle a prolonged vacancy or major capital repair, so they should be accounting for this and putting away money for the inevitable. 

To think that I started on this quest merely to supplement what I currently have and to put to work whatever  modest amount of "excess" I have from my current job.