If you decide to operate one outside of their desired areas, they will come after you with hefty fines.

I bet you could make little to no money in 20 hours a week.

Even if it's cleaning rooms, get a feel for the operations.

Learn about the Net Operating Income (NOI) and Capitalization Rate (Cap Rate)—these are essential to analyzing the potential profitability of a property.Return on Investment (ROI): There are different ways to calculate ROI in real estate, such as looking at your total return after a sale or assessing your rental income versus initial investment.

But as of today, I am strongly considering converting it into a single-family rental because based on some Zillow comps I’ve seen I could get upwards of $8000.00 per month which is more than double my mortgage, taxes and operating expenses.

Best bet is to carefully analyze the zoning maps and regulations or just call the town and ask.

Any good commercial broker is going to trim the expenses down by 10-20% from what they will be for me when I operate the deal. 

It depends on where you want to position yourself in the market and what makes sense from a business perspective in relation to your overhead / operational costs.

Operated as an executive high-end rental for 2 years and cash flowed nicely while rented.

Hello @Yvonne Wang,The scope of work should include the following:- Basic info: Property address, client name, contractor's contact info, address, license#'s, signed general/operating agreement b/w contractor and client- Specification of repairs: Repair item, Quantity of items needed, total & per unit cost of items, taxes (if applicable), Completion hours, title of the person responsible for the repair item, written summary describing the work- Add'l info: Schedule of repairs, additional payment schedule details i.e. disbursement schedule, method of disbursement, deposits, holdback amounts, etc.The screenshot below highlights a couple of repair items.