Best areas are typically tourist intensive areas where STR'S are fully embraced. 

Usually, that was put up over lathe/plaster, which often gets uneven, and if you're going to put up new drywall. you'll want to remove the lathe/plaster too which can be labor-intensive.

In any case you need to know your market and what properties are selling for with regard to comparables and/or financial metrics.Generally speaking, yes, adding bedrooms and square footage usually more impactful than just paint and flooring but not always and adding that stuff is much more permit intensive and expensive.

It's a great way to get into real estate, especially for people who are interested in real estate investing but don't have the time and/or inclination to pursue other, more time-intensive strategies. 

Both my sons wrestled and went to state, and both gave up their successful basketball careers to do it as they wanted an individual challenge.

I picked up a 2nd job on the weekends and I started training kids on the side for basketball. 

This may be more time intensive than working with a broker but will provide you with a lot of insights and even possibly some owners who are looking to sell.

Michael Jordan was the GOAT because all he did was play basketball 24/7... oh wait... he did try playing baseball.. and we all know how that ended!   

I would just be sure you understand the tax ramifications of the short vs long term rentals as well as the more intensive management and fees that go along with it (Cleaning, repairs, listing the rentals, etc.)

It is very time intensive.