Sounds like a terrible idea.

These two members of your team can make the process great or terrible.

Similar to PM, there are great ones and terrible ones. 

There is only one kitchen, and converting back will be expensive with an awkward layout plus a terrible parking situation that could develop.Also, financing in the area would be 15% down with a 2 family loan or 5% down with a single-family loan.  

In fact, my experience with their properties is that they are managed just as terribly as the smaller companies, as those companies implement portfolio-wide pricing strategies and don't really care about optimizing RevPAN and occupancy at the individual property level and don't really care about vetting guests and proactively avoiding anything. 

These two members of your team can make the process great or terrible.

For example in my 2 deals above #1 has 10% cash on cash return and #2 has essentially 0, but then 1 has a 5-year annualized return of 35% and #2 an annualized return of 11%11% year over year doesn't sound terrible if I remove everything else from the equation.

We work with a ton of clients that leave terrible managers and come over to us and they all simply send an email to the current PM.  

I have not had this particular experience happen, but I have gotten terrible appraisals.

I felt terrible for my actual tenant but the remediation on the property cost me more than the rent I got upfront.