This is the norm on the forums...not the norm for sophisticated LPs (who perform credit checks, run TLO reports, track sponsor performance over years and decades, have attorneys review PPMs, review PPMs and OMs and discuss them with peers, negotiate more favorable LP terms for investing at scale with a group, have access to institutional opportunities that have minimum investment levels in the millions, validate rent rolls with comps, validate purchase and exit cap rate assumptions, analyze rent and exit cap rate sensitivities on IRRs, analyze submarket demographics to validate revenue, analyze the sponsors total portfolio risks rather than just the deal, understand the debt terms thoroughly and have a conscious position on what debt fits the LPs risk profile...the list goes on and on and it's not a checklist approach / it's investment analysis that requires qualifying the property based on extensive knowledge of the asset class and additional work qualifying the sponsor.

We make all the money in upgrades, so if you are thinking about walking in to a model home and pick all the upgrades they offered, you will get slaughter.

I do that by upgrading the property, making it a more desirable place, which often allows me to get higher rents too. 

Those little upgrades can make a big difference in attracting quality tenants.

Nickerson added “exchanging” real estate to upgrade to larger holdings without paying capital gains tax to his formula, and a number of other books were written about the subject in the next 10 years.  

The only issue is that the new home is not an upgrade over my current one—everything is quite similar.

This got me thinking there are probably other items we need to upgrade in a mountain STR.So here's my question for those with experience in the area: What other items or upgrades do I need in a mountain home STR that are not obvious to a newbie/city dweller?

Currently the work thats being done is both upgrades and work necessary to satisfy the Detroit City in order to get my rental certificates.

I would explain that I typically do not do upgrades except during turnovers between tenants. 3.

If we want to make upgrades to the units while our tenants are in there and negotiate an increase in rent when the lease terminates - suggestions on an appropriate way to do that?