Short term rentals do get more money, but also cost more to run and require more time.  

The tenants were more interested in that than turning on the already-installed alarm system because there was no monthly cost.

I'm personally making my exit - I never did assemble a team (it costs money for one, then you need the manpower and time to manage it).

Taxes, costs, eviction complexity, etc are going to be a much bigger factor in your success than anything else.

It saved my quite a bit on interest costs.

As long as your purchase, rehab and closing costs fall below 70% ARV then you won't have to bring any cash to close. 

My personal opinion is that, while shifting investments into real estate may be the right move for your situation, there is likely a lot of work to be done before you get to that step to avoid a potentially costly mistake. 

The issue is our land value is high, so the structure value is low compared to the overall property cost. 

All that being said, it might not be worth the cost of putting in parking, just be aware on the front end that you’re reducing your end buyer/rental pool by not having it. 

This creates two loan payments ($100,000 of equity and $300,000 on the new mortgage).Key NumbersHome Equity Loan Interest Rate: 6%Mortgage Interest Rate: 7%Rental Income: $3,000 per monthExpenses (management, taxes, insurance, maintenance): $800 per monthIncome and ExpensesMonthly Rental Income: $3,000Monthly Expenses: $800Monthly Mortgage Payment: $2,000ExplanationThe investor earns $3,000 in rent each month.They pay $2,000 on the investment property mortgage and $800 on other expenses.This leaves $200 profit each month or $2,400 per year.However, you have to pay $6,000 interest on the equity borrowed.This leaves you with an annual loss of $3,600.While the rental property generates positive monthly income, the interest cost of borrowing the initial $100,000 results in an overall loss.