The STR is a lot more work and even if you get a manger, you may have to be involved.

Permits may be needed for bedroom or bathroom modifications, especially if plumbing, electrical, or structural changes are involved.

You are possibly setting yourself up for immediate failure.....there are too many moving parts and too much money involved to mess up this facet of the project.

Pros: Diverse job market, low unemployment, great resilience during recessions, nice appreciation, 1% rule can be hit if you look hard enough, great economy, good schools, Midwest nice.Cons: Extreme weather at times (hot/humid summers, tornadoes/hail, brutal cold in Jan/Feb), high insurance premiums, property taxes also really high.

By the time I got to that point the cost and time involvement was so high I decided it was a distraction to what was already working.  

A common strategy used by investors, such as those operating through PadSplit, involves purchasing the property, completing basic rehab, refinancing, and then using cash for the interior build-out.Another potential red flag, even without converting common areas, is the addition of individual locks on bedroom doors.

@Jonathan Cooper - Sounds like a short-tax year is involved.

@Tom EvansCongrats on the potential STR in AZ.As for a shared well agreement, they can be tricky (even when it does not involve STR usage).

Don't get involved at all in domestic violence - who stays, who goes, taking sides, etc.

If the same people are involved, it doesn't matter.