It is to get you to reduce the amount of time you waste looking at deals and knowing what is good and what isn't good for a deal.You'll also need to know the area comps, are people putting in wood flooring or LVP etc.

Here is the BEST way to develop an understanding of the risks and rewards of redeveloping your propertyBEST - Hire a CRE - Counselor of Real Estate to do a complete market analysis.  

We had some decent guests too but not enough to risk it.   

They work well in areas with steady rental demand like suburban neighborhoods or cities with strong job markets​​.Considerations: Your property management needs will be lower, but rents may rise more slowly over time compared to short-term options.Short-Term Rentals: High Risk, High RewardAdvantages: Short-term rentals can generate significantly higher nightly rates, especially in vacation destinations.

The risk/reward here sounds pretty far skewed.

Since you’re pre-approved, weigh the costs, risks, and rewards of each market before making a decision.

I hope that ( In Time) they will put more money in my pocket than they took out, but it’s not a given. 100%.

I've asked BiggerPockets users for examples of when their investments were protected by umbrella insurance, and I haven't found any examples so far.There are legal risks for landlords, but they are dramatically exaggerated.

Some will tell you to make the change anyway but that seems a large risk in this high interest rate environment.

Also, because you are at risk if the leasee fails to execute properly, you had best have a great lease and the ability to check on their performance.