It is in the area that has decent short-term rental rates based on airdna and what property managers are seeing.How much more in maintenance have you all noticed on a short-term rental versus a long-term rental?

or3) If I convert the partnership interest into a private UPREIT, then I trigger tax if/when I sell the Shares in the REIT?

Some private lenders will step in and fund.

Begin by targeting distressed properties in gentrifying neighborhoods, securing financing through hard money lenders or private investors, and focusing on cost-effective renovations.

I live in Sacramento, and have noticed that people are offering either equal or above asking price even for homes that sometimes need 80-100k in repairs and I can't see how they would even make a profit doing that.

You could get a loan from a local bank or private lender to fund it

Give them notice if their pets cause any infractions they will need to be removed in 24 hours.  

Class C/D neighborhoods with both Section 8 and private payer tenants.

And as far as legal—an attorney becomes essential once you're ready to finalize terms with either an HML or private lender to make sure everything’s secure.Hope this helps!

I'd have the PM send notice to the tenants that it was brought to the owners attention and they've waived the fee and thank you for being good tenants.