The main thing you will need to do before renovating any house or building is to make sure you have a good team in place (an administrator or a licensed care home manager).

I could never get our property management company to do a lease extension addendum because we are constantly improving our lease every 1-2 years.

Wanted to get into STR's and have since started a STR management company.

Review your money, talk to local agents, and learn from investors and managers.

@Ben T.I recently read an article that listed some of the reno projects with highest ROI.

I absolutely love real estate- researching it, discussing it, love working on home projects, etc.

My #1 property management customer are folks just like you - built a spec house, can't sell it, and want to make it an annual rental to stop the bleeding.

I am almost done with the rehab phase of my project.

if you have to demo it all, way easier to have it done vs spending time or money and less surprises.very different project then 20 yr old cosmetic flips and may require a lot more permitting and upgrades since it's all open the building dept may want you to meet current code as much as possible.

If they manage to pay everything and get caught up, then you can give them a 30-day notice of termination based on the multiple late payments.