I don’t know your living situation or if there are any nice 2-4 unit buildings in the area you’re moving to.

The property has done quite well and has appreciated nicely over the last couple of years as I’ve gone through and improved things unit by unit.

It can be done, but don't assume "they will cash flow nicely".

Sometimes pulling out equity and reinvesting it elsewhere..maybe in a smaller, more agile asset..can give you the cash flow boost you’re after without giving up a solid property.Improving the property’s current performance by making it more appealing to tenants or tweaking lease structures could give you a nice bump.

@Candy Kimbro Congrats on your STR property, nice cash flow for sure.

Quote from @Tom Gimer: @Jay Hinrichs We essentially have an in-house abstractor (Salt Abstracts — MD; M&M — DC), so when I REALLY need it I can have title in ~1 hour.I try not to be that demanding often but it’s a nice resource to have access to. not everybody has an abstractor on Speed dial LOL..

In the Parlor floor we added a large-ish kitchen with electric oven and cooktop that goes to the sub-panel that belongs to the Parlor floor, making it a nice 800ft 1 bedroom apt, with access to a shared backyard.   

Also converted what was once a restaurant/kitchen to a coworking lounge with views of the ocean and pool/patio area.Redid kitchens, painted, added swing, hammocks and created social areas.

I have a pro forma  using very pessimistic occupancy/booking percentages (worst case scenarios) which identify a very nice cash on cash return, and the ARV will (again, pessimistically) be at least double the purchase+rehab costs. 

Yes - having a small trash can in each room is a nice touch—it shows attention to detail and makes your guests' stay more convenient.