The compression of illiquidity premiums and return expectations is another added bonus.  

Purchase price $225,000The land is mostly wooded but has about 1 1/2 to 2 acres that are cleared/buildable and a good distance from the house I live in. 

I get to teach them how to run this business and we generate enough income that I don't need to work a second job anymore.I use the third bay in my garage for my wood shop.

The Property has new carpet, wood floors and looks freshly painted.

These tenants are month to month and are paying a premium for a very nice unit. 

If you have a premium ultimate rewards card you can transfer these points to that UR account which effectively doubles their value (similar to the AMEX membership rewards points) so it's almost like you're earning 10% in those utility categories and 2% on everything else.IMO the flexibility of membership rewards and Chase Ultimate rewards far outweighs actual cash back because with a little bit of effort you can get a lot more back in redemption. 

We have a lakehouse and use all solid wood dining sets in both the main dining area and breakfast nook.You can find solid wood sets on Craigslist free section all the time in my area.

Also I am not too sure if this is the actual premium.

I say that with experience and the tenants that did this ended up ruining most of the wood floors/carpet, wall corners were chewed up, a large area of grass was dead since they allowed their new puppy to run freely regardless of if they were home or not. 

Cut out stumpDriveway - I'd clean up the driveway- not sure if it needs only sweeping hard to tell with grass in the driveway-First appearances matter.Front porch and front porch covering- not sure what that is on top but power wash.Living room- Carpet or depending on what floors look like underneath- If wood I would leave wood depending on condition, if not wood carpet- Strip wall paper off walls and nuetral paint- Not sure about the panel.Kitchen- I'd concentrate most of my money here- Tile the floors or if nice wood in the living room then I'd just extend the wood floors into kitchen.