When I told him it would be a very bad time to sell the mortgage notes as there were almost no buyers, he said he didn’t realize we were investing in non liquid assets?  

It is very seasonal but does very well in Summer and there are a lot of STR friendly towns.I have considered it however my current goal focuses more on a multi season rental and I am also more familiar with the non beach towns.

Just make sure you are not installing this in lieu of linen closet if there's space restrictionsExterior: Landscaping, Fencing & Walkways: Don't have to spend a lot on landscaping but make sure yard is fenced, clear of debris,  private and secure.

The simplest way to deal with this situation is non-renewal.

Seller finance the property- ask for an up front, non-refundable down payment of $XXX (which could be used as his primary residence down payment), payments of $X over X years at X interest rate with a balloon payment in X years2.

All it takes is one non-payment or messy eviction to set you back months and even years in cash flow.

- Value add - How much does it cost to convert Non-climate controlled units to climate controlled units? 

https://www.renterswarehouse.com/rental-listings/39331Now on this listing an important feature to it is the size, not just of the property but the lot, the feeling of big, space, and of semi-secluded.

It's a good sized house (3000 sf) for the number of bedrooms (4), especially since it doesn't waste space on hallways and things like that. 

Don’tsign a Non Compete Agreement.