Can you build your STR business and have the business pay for reasonable upgrades over time? 

However, if ego dictates to upgrade the photos, you simply create a Zillow account, put it as "For Sale By Owner" for a price higher than it would sell for, upload the desired photos, wait about a week and then cancel the FSBO.

We also replaced quite a few old ceiling lights with new ceiling fan/light combos and replaced any cracked or suspect outlets, etc.Kitchens got new stoves and microwaves and upgraded furniture in common areas.

There is a very old door intercom and buzzer system that needs upgrading.

Would need some cosmetic (paint, refinish floors, minor repairs/upgrades completed by me).

House hacking is a great way to start investing and you could find a place that needs some rehab that you can upgrade over time.

Because of their experience, I was able to get parts of the work covered under code upgrades for things that I did not build back exactly as they were before the claim (e.g. moving plumbing to expand a bathroom).At the end of the day, no one is going to care more about your property than you.

I would probably talk to or send a message to the downstairs tenant to let them know that although they may not be breaking the rules, their noise is carrying upstairs and for them to just be conscious of that fact when they are up late.

I eco what @Brian Burke is saying above, especially on "Pref is generally a shorter term than common equity, which means you need to have a way to redeem it out.

They’ve painted, replaced things, upgraded, etc. prolly best the place will ever look.