However, the property in question is in a pretty good location: adjacent to a garden run by the city council, less than a block from a brand new park, and kiddie corner to a church/Catholic school.

For me I look at us as a Ritz Carlton style brand so we are going to be implementing this to drive up ANR and occupancy and become #1 in our markets.  

From your post you are seeking to essentially knock down the house and build brand new.

Hello @John Stanley,I find myself in a similar situation as Dana, and I am curious as to what your opinion is on my situation and what I could potentially do.My family and I currently live in Nürnberger Land and I am brand new to the real estate investment world.

I haven't set specific targets beyond this initial goal, but I may aim to increase my passive income to $5,000 or $10,000 per month in the future.Current PropertiesI currently have two properties:The Loft:This property is rented out long-term and generates around $300 per month in passive income after HOA and management fees.The loft has approximately $100,000 in equity.The House:This is a brand-new build (2024) that I'm currently occupying through house hacking.I invested $70,000 in the property, which means I have $70,000 in equity.My plan is to convert this property into an Airbnb or long-term rental within the next two years.Short-term rental comps suggest I can earn around $3,500-$4,000 per month, while long-term rental comps indicate I can earn around $3,000-$3,300 per month.Seeking AdviceGiven my upcoming financial situation, I'm seeking advice on the best course of action.

I have had years to think about this having owned a nice slug of A class IE brand new construction in the best school district in the state. and over 300 C and D class with a sprinkling of B class.from Jackson MS to Detroit and many cities in between and on both coasts... 

Nothing, again, will happen to the management aside from re-branding their company name; maybe.

Established brands will generally have the nod over mom/pop as noted.

Flipping is extremely difficult right now for folks who are brand new.

I participated in an investment in a motel property under the Brand "Extend-a-Suites" in El Paso, TX.