So, no attempt to alter anyone's strategy ... just, maybe, hopefully helping articulate how some of these crazy appreciation-favoring folks are behaving rationally and objectively with the same risk-aversion of others.This stuff is more fun to discuss with a glass of wine in hand...

We will have to play around and find the sweet spot on what level of reno works or if any does at all.

All that sweet AUM fees are making the guy rich as he preys off the insecurities of others.

What is your sweet spot for debt?

@Joe Splitrock I need to find the sweet spot for LinkedIn.

The key is to determine the sweet spot in your market and learn the properties.

Finding a happy medium between someone stable, someone large enough to meet your needs, and someone with a great reputation is that sweet spot we all search for in all aspects of this business! 

Plus, when I delivered the 30 day notice in person I also delivered a bottle of wine to smooth over any hard feelings.  

I'm definitely doing a pool, am talking to a property management gal about what the sweet spot is (sleeps 10-12, pool, spa).

You could make some unique services available to your guests like a chef to come in & cook a gourmet meal, wine tasting, masseuse, etc.