Get a real good idea how much labor/material would cost to fix each component (example - $/sqft for carpet vs. flooring) the kind of product you're targeting.  

What is defined as a "deal" in a vacation rental market differs from what is defined as a "deal" in a long term market.

Hi Jeff, are you looking at apartments that need rehab or any value-add component?

I mean, I was in dental school for 4 years before they turned me loose on the general public ;-)  My thinking is that getting experience showing homes, learning the sales process and all the associated components, learning how to identify value, etc would be extremely valuable in the face of stiff competition. 

Define for your business what those ranges are and then explain them to your owners.

It'll be a year because it'll likely get appealed so the plans might change slightly, but due to the state mandate in House Bill 2001 it will definately be happening one way or another.

Worst case you get nothing for 1-2 weeks and drop it again.Pricing is a critical component of land lording because you don't want your listing to go stale (45+ days). 

It wasn’t loud but it was still bothering our neighbors with all of the cars and the coming and going.All this to ask, how do you define a party in your rules?

The lease agreements are going define the course of action.

And if you want a rental component, you can always house hack either by the room or -- if you want more privacy -- by finding a home with a basement apartment or a carriage house/mother-in-law suite out back.