Maybe its this is common with off-market listings?

I'm not the best at math so am using, what I think, is a more common sense approach, but seemed to make sense to me.

Makes little sense yes?

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In my opinion, LTR and MTR make the most sense in the area, but I'm more focused on buy and hold strategies myself.

Given that its operating well as a STR, would it make sense to do a cash-out refi to get some of that cash back?

They want to protect their investment as much as I want to protect mine so it makes sense why they can almost guarantee an 8% return, it makes sense right? 

Any advice on topics to touch on in a contract that is commonly forgotten?

I've been looking at comparable properties nearby and the median is in the low 2k range I'm thinking mine may go a little higher since it's a corner property with a lot of light but really looking to see if the conversion would make sense financially because I've been reading those articles about the costs being exorbitant. 

Yeah exactly I was shocked that it fell under owner and not common area.