There is a 30 day notice period I need to give to the current PM company though.

Furnishing a unit, finding a PM or placing on AirBnB or VRBO, and building positive reviews only to have it potentially end in July seems like a lot of effort for a short period of STR. 

The first offer we agreed to was very strong; Pre-qualified, great credit,1k down in earnest money and gave themselves a 5-day back out period to show their enthusiasm.

If not, with conservative assumptions about rent increases I only make back the original investment over a 10-20 year period by adding a basement unit. 

I just put a 4-plex under contract And I’m in the due diligence period.

@Elijah Williamson leaseholds are less expensive as you lease the right to use a property for a period of time. 

I had always been accustomed to getting my initial capital back but then again we were always in the mode of selling after a period of time to another investor where there was still UPB. 

Having an inspection scheduled during attorney review is helpful as well as it allows us to shorten the inspection period.

Cash flow...period.

Knowing the answers to these questions before hand will be one less thing to worry about during the option period and will also give the seller confidence in your ability to close making your offer more desirable than some others2) Know exactly what you're looking for.