Different ones require you to go to the decking, others do not.Personally I'd always suggest to take things down to the decking. 

@Lucy YenA calculated strategy to creating wealth and cash flow is required in real estate investing.

Collect a security deposit when the lease is signed and require payment of the first month's rent at move-in.

This is still a very tricky area for lenders as there are not many "industry-standard" tried and true rules - many DSCR Lenders and buyers of these loans are still wary of the SRO model - that being said, it is a lot easier and more flexible to underwrite on an acquisition if you are buying and the property could be utilized as a LTR / MTR or STR as that allows for a more tailored projection (as long as the property doesn't have unique or altered characteristics that would require it to be a SRO / MTR)

If the city is ok with STR's, I then check to see what permits are required for STR operation. 

To comply, we asked the husband to complete the rental application and submit the required documents, including ID, SSN, and bank statements.

Court of Appeals for the District of Columbia on Friday overturned a lower-court ruling from 2023 that had quashed the Justice Department’s request for information from N.A.R. about broker commissions and how real estate listings are marketed.https://www.nytimes.com/2024/04/05/realestate/doj-realtors-n...Given that the lawsuit no longer requires members to be members of nar or the local mls’s I’m not sure the doj can really move the needle anymore than the settlement in the sitzer case by farther going after nar, to the extent they want farther changes, it’s probably wrangling state licensing boards.

This is typically seen in larger transactions with bigger check sizes but is also complicated to originate because an intercreditor agreement will be required by your lender.

I was not aware that a manual pull station is required, but I've confirmed with the fire department that in mixed-use buildings, a pull station is required that is hardwired to sound an alarm in the rental unit(s). 

That wouldn't require a license, BUT if you do poorly with managing the property you could lose money!