We looked into several projects and eventually, I concluded that there is no real reason for me to reinvent my business, other than "just because".

In these situations, we generally give them the option to sign a month-to-month agreement with a huge increase or have them sign a lease for the whole year.

I'll personally benefit if it is for the current year (anticipated increase in income), or is the benefit to be realized only for the actual year it was placed in service?

You also mention the low fee of $50 / month for HOA fees and though it may look very cheap on the surface, you have no idea how the communities financials have performed over the last few years and you may have HOA fee increases annually.

Very common scam in the US RE space today.. so do be careful what your asking for does not happen in a business setting.

We talked and they asked if I would be increasing the rent I said yes to $925, they were originally paying $825.

If I do this right, rents and equity will increase over time and I'll be happy.

Lower of cost or market for determining the basis is also the correct way to treat a personal use asset being placed into service for business purposes.

Link below, but Rentwerx is one of our Featured Property Managers.https://www.biggerpockets.com/business/finder/property-manag...

You do that it does not matter if you have a website as you will build a local network of people who will want to do business with you.