Obtain estimates for planned renovations and confirm if the allocated budget is sufficient.

However, an option holder won’t be able to stop a private sale from occurring (unless they find out about it before hand and obtain an injunction); the option holder would most likely need to initiate legal action after the fact. 

Short-term rental guests love entertainment, so consider adding features that make your property more appealing.

Will I be stuck with a home in which I will need to obtain permits for this past work ?

During my journey to obtaining my degree in real estate financing, I have found that single family homes cause a great financial burned if the tenant decides not to pay their rent.

You are responsible for obtaining your own casualty and liability insurance. 

@Jackie Liu you probably have enough info to deny their application, but if you want to continue to try to approve:1) Ask applicant for copies of their lease(s) to support they've been there for 4 years and who PMC is.2) Get 2023 W-2 to see what address is on it3) Ask them to obtain and provide you with their FULL electricity account history.

The uninformed will fall victim for sure.Lenders of all types should require title insurance and also obtain Insured Closing Protection Letters -- the validity of which can be independently verified.

It’s far more difficult to form the HOA, obtain the approvals and new tax ID’s than it is to extinguish the existing one and would advise against it. 

Flipping contracts won’t exist - it will be replaced by “wholesaler” obtaining an OPTION to purchase at a set price and selling the option.3.