I would try to make sure a title company is involved, because if you go to sell it later, the title company for the sale may be too conservative about deeds that were recorded without being part of a title insurance policy, if that makes sense. 

HVAC company?

My company leases a property from a private landlord in Glen Ellyn, with permission to sublease.

We found a management company that is charging 10%.

Wanted to get into STR's and have since started a STR management company.

Guess who is part owner of the LLC creation company?

I have continually preached (since 2018) that cap rate compression (and interest rates) is what landed the historic 20+IRR returns, not operations, which is why so many people have been, and are still, in hot water right now with being forced to perform via strong operations.Today, we find ourselves in a much different situation.

The best thing to do is to build up a strong team with an investment specialist realtor / broker, property manager, contractors, inspectors, lenders, title companies, ect. 

Most, if not all, insurance companies will deny any claim on a dwelling with un-permitted construction/upgrades.

Pros/Cons, How to find management Company, How to find right tenant?