Maybe you get it done easy enough some times, but then other guests won't sign it because ... they're lazy, they're unsure why you're doing something separate from Airbnb, for any number of reasons. 

There's a reason that people try to buy properties off-market and that is because you can find sellers who care more about terms than maximizing returns.So start with a conversation: you already presumably have some rapport since it's your landlord and you've spoken before.

It's crucial that this allocation is reasonable and well-documented to withstand IRS scrutiny.

Does that mean you just did the repair for no reason then?

For many of the reasons already stated.

The cash flow of $304/month is reasonable, but make sure to include a buffer for unexpected maintenance or repairs, even with a full gut rehab.

I guess my main question is is there any minor profit in being part time if the work is put in.

It’s one of the reasons I like this market—there’s flexibility to pivot between STR and LTR depending on what works best

Shut off the main to the building and check the meter to see if its running , if so you have an underground leak . 

One of the reasons I went with the PM I did was because they posted what they charged on their website, so it was transparent and everyone gets charged the same.