I graduate in May and will be taking 3 virtual classes to finalize my requirements to seat for a CPA exam in the summer. 

If the city is ok with STR's, I then check to see what permits are required for STR operation.

Due to item 1, adding an ADU can require years to start achieving any return (once the accumulated cash flow recovers the initial negative position).4) Adding an ADU is a slow process.

But clearly other items are required because some that have 5 star are not getting the distinction 

Hi Folks, evaluating some Out of state STR options, some markets have primary residence requirements.

Here are the details at a high level:Purchase price: 174,000Closing costs: 2,000Down payment: 20%Rental income: 1525Monthly expenses: 487 (insurance + tax)Maintenance: 128 (1% of purchase price)10% vacancy: 150Self-managingI am not sure what interest rate to use to get the monthly mortgage amount.

Nothing held back for maintenance because the houses they recommend buying are all newly rehabbed, and nothing held back for capital expenses because you should sell them in less than five years and move into multifamily investments so nothing major should break before then. 

I could probably rent it for $750-$1000 per month over what the standard monthly costs are right now (not including vacancy, maintenance, management company, etc).

If they put up half of the required cash to do the deal it would be a different conversation where their profit at the end would be justifiably higher. 

Is notice in a legal organ the only requirement?