Mind you, most townships are now requiring owners to apply for Conditional Use permits along with the STR permit. 

@Margarita Artiushenko knowing the numbers and understanding investing requires risk taking.

A house lift and new foundation is required and was quoted at ~170k plumbed & wired, but not finished.All that said, I appreciate you walking me through the numbers, I wasn't sure how to apply these equations to our situation.

You may have to send USPS certified or post on door stating rent increase beginning x date, mine usually includes an addendum extending lease term one year at x rate requiring signature.

I bought the property for the residential units, but there are a couple small commercial units as well that the town requires are used for a commercial purpose.

Some sites require asbestos testing and/or possible environmental testing as well where demolition occurs. 

Consider the responsibilities involved, with selling releasing you from property management duties and renting requiring ongoing maintenance and tenant management. 

@David Cheng - So, SBA requires 51% of the income be associated with the owner-occupant. 

This will be a requirement of this proposed settlement.  

So I require skin in the game (average is 5% to 15%) to offset this.