I also have some cash reserves that I plan to dump into a contingency fund for each unit. 

I’m planning to move what I have in stock market ($2.5-3Mil) to buy a good realestate.

Planning on living off of the positive income and then eventually on our investment.

So instead of waiting for the problem to compound until the lease is over, the plan is to replace the carpet immediately rather than try to muck with cat urine and get it 80% clean with various other solutions.

With patience and a solid plan, you’ll be on your way to building a successful portfolio.Good luck!

They found it out, andI had to go to the planning board and zoning board, hire an engineer and architect to make the fourth unit legal.In my opinion, the realtor should have verified the zoning, and if you used bank financing, it's pretty rare for the bank to miss it as well.You are probably going to have to hire an architect to draw plans and to get it approved as a triplex.I wish you luck.

Even really skilled operators are left with no back up plan because they can't pivot to LTR in that market, can´t fetch the price they paid because the STR has lost some steam and was bought using nightly rate numbers etc.

Any advice would be appreciated.I would first talk to a real estate attorney or a foreclosure attorney to make sure that the way you plan to do things passes muster.

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We just acquired an existing duplex in Fort Lauderdale and planning on tearing it down and build a new duplex instead.