CCIM, SIOR, and all of the other designations you can amass never teach you how to pick up the phone and prospect for leads, track down growing/expanding businesses to convert to clients, how to manage tenants in a retail strip center, or do the myriad of other daily activities required to be a good commercial investment broker/owner.

If their lease term expired, then they are automatically converted to a month-to-month lease and you can give them 30 days notice.I recommend you study the market to determine an accurate rent rate.

One of our previous neighbours sold 2 of their apartments, as well as a newly converted attic room that was made into a one-bedroom studio.

I’d love to hear if your biggest home runs have been from: a) buying an existing STR, tweaking it with your own unique skill set and applying your experience-proven enhancements to be a top performing property, orb) converting a previously non-rental property into an STR?

Additionally, we're looking to convert the detached garage into a one-bedroom ADU, especially since the bylaws are being amended to allow ADUs on the same lot as a single-family home.Our goal is to continue building our portfolio with multifamily properties, and I would like to aim for acquiring more than one property per year.

However, you can expect to recover about 50-55% of your investment when selling the home.Another good option would be to consider converting attic space, finishing a basement, or repurposing a large living area to add a bedroom without expanding the home's footprint.Some other tips to help you save on materials while still creating an appealing finished product: buy in bulk, shop at discount stores and outlets, look for overstock, discontinued items, or slightly imperfect materials, attend auctions and Estate sales, incorporate reclaimed wood, vintage fixtures, or other salvaged items for a unique look at a lower cost, build relationships with suppliers...If you have any more questions or are looking for funding please feel free to reach out to us, we're a private lender.Regards,Jackson

If you have any 3-4BR+ properties you may want to just convert some LTR to STR instead of starting from scratch! 

Did you convert the SFH to two separate one bedroom units without any permits? 

As you mentioned, the main drawback is the inability to continue 1031 exchanges after converting to a REIT.

Let chicken wire be 1/8 inch off wall so cement can get behind it and hang on.