I'm ok with month to month, but I also need to raise rent to current market value, add in late fees, set up auto pay, etc. 

Also to make it legal, you need to make sure you have sufficient egress, fire separation between upstairs and downstairs and technically you need entirely separate mechanical/plumbing/electrical systems.

I plan to retire from FSU as a mechanical engineer/machinist in about 6 years and want to research a potential  entrepreneurship in short term vacation rental properties.

It takes a tremendous amount of force and energy to move the train but once its started its on auto pilot (metaphorically).

I have the housing commission auto-deposit the rent into my LLC business account.

If you can qualify based on all three of these regardless of how you move forward once the auto lease ends, you have nothing to worry about. 

., etc.) without any real estate experience is a bit like trying to form and manage a law firm without any legal experience, or trying to establish and manage an auto repair shop without any automotive experience--those would be monumental challenges even locally, but doing it from hundreds of miles away is near impossible.

Not convinced it’s worth $390/yr and want to cancel before it auto renews.

My rent is $740 a month, which I had set up on auto pay monthly.

While different sponsors, still not really diversifying - it’s like investing in one type of stock company - for example airlines or auto industry.