Definitely something to clarify upfront...If you’re replacing with another restaurant, it should be an easier transition since the setup is already in place.Your biggest risk is vacancy $450K/year is solid, but if you ever need a new tenant,  ensuring the lease rate is sustainable is key! 

Here's the red flags that we had missed when we were still fairly green: 1) Credit card declined so they gave us a different card from their "sister"2) Booked last minute3) Locals4) We had even asked for an ID so they sent a fake passport but the name was spelled slightly offThey had parties at the property and destroyed some things.

I often hear you should get an LLC to protect yourself in case something goes wrong. is that only useful if you have a large portfolio?

Usually would be something like 15% off weekly and 35% monthly to attract longer stays that fill in more of your weekdays naturally.

You can learn something from every Guru Program but no program will teach you everything you need to know.

I’d like to do something where I can control it on my end.

Maybe selling is the best option stop the bleeding and do something that is more risk adverse. 

Is it something that will pass?

Know that every long term lender will require a survey and if something comes up on it when you are trying to sell or refi, you could get stuck in hard money without an easy or quick way to get out.Is there a pre-payment penalty?

@Marc Shin, Soundproofing is definitely something worth tackling for a short-term rental—it’ll keep your guests happy and help you avoid complaints.