Hi BP Community, I have a few long-term rental units, but am thinking about transitioning into the more lucrative space of STR.  

What are some of the exit strategies to transition to long term loan? 

Assuming you are one… The Founder of my company wrote a book on transitioning from active management to passive.

We are starting to sell cabins individually and transition into property management, which will enable us to grow and decrease our workload.

Legal requirements for giving notice include checking local and state laws, providing written notice, clear communication, specifying the move-out date, offering assistance, offering more than 30 days notice as a goodwill gesture, and providing 45-60 days notice for a smooth transition, reducing stress and potential conflict.Good luck!

It does help for a smoother transition period, IMO.

They are currently on a month-to-month lease but would like to let them know asap to make the transition as easy as possible on them.

Likewise, the opposing force is agents these days are super, super pushy to where if you have them in the process they'll break anything down that isn't a linear or traditional, not necessarily easy, process.People like everything seamless and transitional, almost a turnkey process.

So in essence, I would want to be able to have a smooth transition so I can reap all the rentals when the property is now owned by me, but is it possible to go through the licensing phase before I own the property? 

The PMC industry is actually transitioning from VAs to long-term Remote Team Members.