I have a portfolio of STR´s here and have gone back and forth between the advantages of converting some to MTR. 

I would add to get and keep your finances very organized.

I am Mark.

I certainly endorse it and implement it for my clients.

I think it depends on the market.. they approached me on a furnished rental I had in Vegas (Summerlin gated community A class)  We got basically double or a little more of the normal rent..

The deal was great so I decided to go with them.

I would start with the Fair Market Rents (FMR) in the county where the property is located and use that as a basis to negotiate from there.Thanks Jaycee, are to referring to the HUD website? 

Then it could be quite different and just make the gate motorize, move in base and rent to trucks ( yes i get way over simplified), going to look for more resources on that possible route as the required capital would be drastically less for possibly a better ROI. 

How can I tell if things are legit here ? 

@Grace Hartman I don't mean this in a negative way but you're in this situation due to lack of experience, terribly high contractor quotes, or a combination.