Hey Mik, I have a condo as well and have thought about converting it into a MTR or STR but the restrictions by the condo association completely prevent this.

Ex (random numbers pulled out of thin air)$100k purchase $160k ARV$30k reno but $20k at cost$15k holding costsTotal Cost:$145k cost or $135k with contractorWith the contractor at cost, I have an extra $10k of margin where I don't lose money, but obviously not ideal for the contractor since they would make less.I think a good way to price it would be the equity would equal your profit if you did a fee construction at slightly below the projected ARV, and slightly below the projected hold time.

Not having enough reserves is hurting a lot of operators right now.You can always implement Ratio Billing for the utilities and bill back.Be careful with unit sizes, and if there is central air or PTAC systems when getting market rental comps.Looks like you've got an opportunityGino

I'm not sure if agent-client confidentiality prevents any agents from posting specifics. https://www.biggerpockets.com/forums/12/topics/1203206-quest...

Relax in the air conditioning after a day at the beach.

Or, as of now I don't see anything that would prevent an option in which folks could take it a step further and move into their ADU, if they're willing to make a larger sacrifice, and rent out their main property as the STR.

Bring an air compressor with fittings, hook it up, go around listening for air leaks.

If so, how did you deal with it or what verbiage did you use in your lease to prevent this?

Hopefully this post will still be found by people if they ever search for him again to help prevent more people from getting swindled.

To the best of my knowledge, one of the tenants (married) are employed in the accounting field at a local air force base, which was the only reason I was considering it.