Across the board, the worse the neighborhood, the better the cash flow, the better the neighborhood, the trade off for tenants base, better schools, low crime, etc etc.

I know of several DSCR and portfolio lenders who offer different terms based upon your situation.

Also looking to build a solid Long Island based team (Agent, contractor, lender).

If the lease auto-renews to a month-to-month, then you can post a letter on their door (take a pic) or send it by certified mail with a signature required with the new terms starting at the appropriate times based on the lease.

Of course using a freetobook, owner res, smart BNB type channel manager. decide which of those you want to be on based on your results for at least 6 months.

You should consult a tax professional for an answer based on your unique situation, this is not tax advise just general information.

Also if this property is on septic that also can throw a wrench into the ability to call a space "a bedroom" as septic systems are sized and permitted based on the bedrooms.

See theolivejar(dot)co for her website.She is an LA-based STR designer who has helped a lot of clients get to the level they need to.

I recommend that you find a trusted or recommended Mortgage Loan Originator (MLO), who can give you options for property-based loans (mostly investment loans) and they don't use your taxes but the P&L of the property.

I don't remember the exact cost when I did it but I remember thinking it was cheaper than expected.I didn't see a comment mentioning that you should just include utilities in the rent and increase it based off that so I'll be that guy.