If you're going to make a lot of changes, I recommend consulting an attorney to ensure you're updated on the laws.

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

Quote from @Alvin Sylvain: This could be a good idea if executed properly.

Recommend you look at Lockly locks with built-in camera, so you can also see who looked at the property and tell if the door was properly closed. 

You don't need to use a title company and pay fees, you just need to proper paper work and quit claim deed.

I gave my Optionees a square deal. it's not a bad thing to know how to properly execute lease options but I wouldn't pay money to learn it or think I was going to build wealth with it. 

Then I get STR data from AirDNA to ensure it's well above 1.5x LTR data.

- Insurance Implications: How might allowing pets affect my homeowner's insurance, and what steps should I take to ensure proper coverage?

When you analyze a market properly (1% Rules aren't properly), you're analyzing all the properties in that market at the same time.It's even more dangerous for newbies to use any Rule of thumb.Rules of thumb are nothing but shortcuts, which seems to be the growing method of doing anything now. 

Giving it a proper theme and left it in decent condition.