The main thing that lenders look for are credit, capacity, and collateral.

Glad you were able to pivot to a LTR even though STR didn't work out... some people haven't been so fortunate recently.

At least with the new 1 year lease you can take the guess work out of when they will terminate the lease. 

‘Hi I’m the new owner and I plan to make your place nicer... it will cost x amour more per moth when the work is done, if you want to stay that’s great but if it won’t work out I understand’

Would love some insight and if anyone is interested in working on this one with me, could potentially work out as a win-win.  

All the probate issues are up to the trustee to work out.

Thank you @Lawrence ZhouWill start looking into those areas.If things work out perhaps we can help each other out with challenges and questions down the road.I am in construction management (electrical construction specifically).If there is anything that I could help you figure out let me know.

Let's also assume the room is always genuinely locked and I'll have a reasonable way to argue this, e.g. something beyond "it should have been locked".My thoughts:1) It's a locked door, literally no one will know there's a gym on the other side2) Worst case is that someone broke in, worked out or claimed to work out, and filed a lawsuit saying they used the home gym and injured themselfIf I have evidence the person broke into the room (e.g. video from the inside of them breaking the door/lock), would I still be realistically liable?

If you can eliminate your PMI and get a solid rent rate, and you already have the financial capacity to take on another deal, this seems like the obvious choice.

Open houses have limited capacity and people are required to wear masks and asked not to touch anything.