I would hold it.

I would hold off on doing anything. 

I am the owner of a licensed GC in the SE Michigan area looking for Value-Add Properties that I can get a hold of and turnover. 

Rinse and repeat.

Are you trying to get something that will be a long term hold?

I have found that most sheriffs are very affordable like $24 bucks and that holds up in court well.

Time would be the biggest variable.Assuming the same repeatable services will have to be provided for STR & MTR, that are not provided for LTR, the costs may not be that different.Taking care of lawns, monitoring & paying utilities, taking calls, etc.Some services will be the same, but vary in frequency: cleanings, resupplying amenities, responding to inquiries, bookings, granting access, etc.

In the big scheme of things, on a typical property (nothing crazy like major hillside work, septic, etc.) you can screw up pretty bad and if you hold on to the property long enough, it will likely work itself out.

After over a decade in asset management where I currently oversee a portfolio of more than 45,000 apartment units nationwide for a large Fannie Mae/Freddie Mac lender, I am finally ready to get into my first small multifamily buy and hold investment.

Investment Info:Small multi-family (2-4 units) buy & hold investment in Hillsboro.