For compensation, you could keep their security deposit as you are within your rights to do so based on the lease you signed.

Most paid way too much, based on multiples that were based on weird years. 

I am running numbers based on the worst-case scenario. 

Also discuss with the contractor the time expected for the project if its small, mid or large and if it needs permits and how long would it take for permitting and all, also payment terms, make sure you go with payment terms that are fair to you and the contractor (so many terms but most common is monthly based on completed work with an upfront for materials) and ALWAYS keep the last payment until project is closed (retainage) and you do your walkthrough and if there's any issues you write them down and provide the contractor with (punch list to release the retainer once they're corrected or fixed). read about how to deal with contractors and always ask for references but it really depends on how big the job is, personally I wouldn't spend too much time doing due diligence on small jobs such as door latches or shelving rather on additions, layout change and other scopes.Good luck!

Meaning, we can't over-improve a property based on the neighborhood. 

I started 6 years ago with my first remodel and after 6 years, I am listing my first custom home build that is just about 4,000 sq ft.

We just need to figure out where to base it (eg.

Then, run your numbers on the potential STR income - what are your expenses going to be (they will be more), and what is your projected income based on looking at competition in your area on the sites?

If you are a Landlord / Owner - you should WANT a commission based renewal fee. 

There are still areas where you can buy units for $200k/ door but they require a lot of work usually and covering all operating expenses and interest payments can be challenging base on low-ish rent levels in some places.