I would not sleep well at night having made that gamble.

But I guess that is a gamble and would the owner see it that way.

I'm thrilled to be part of this amazing community of real estate enthusiasts.

They also don't take land they've invested a great deal of time and money developing and gamble it by placing it into a venture as you are describing. 

I’m thrilled to be soaking up all the knowledge I can get here on BP!!

Thrilled to see you jumping in, and please consider me a friend and a resource as you embark on your journey.

If you are going to gamble on the STR play, I would be sure the property will cash flow as a long term or you are willing to deal with the vacancies of a mid term.

After re-reviewing past income statements and doing my budget forecasting for the year I was thrilled to see I hit 38% expenses against my 2014 Gross Income on one of my rentals.  

I need to find a property manager in Birmingham, AL, as I’m not thrilled with my current management.

Cons:- If he is a homeowner, he may not be thrilled with the idea of a triplex conversion next door (even though its completely legal and allowed by the city)- If things don't work out, he is still next door and could cause potential headaches- No referral from anyone I know