I have seen a lot less demand for my mid term rental starting the end of 2022 and now 2023.

Unfortunately, because I didn't have a good contractor or property manager, I ended up losing money for the first two years before turning them into a success.

I ended up buying another house after a year or so as well as starting an arbitrage STR business with a partner.I split the lot and am converting the stand alone garage into an ADU.

I keep an eye on the market, but will probably never take the leap.

There are tenants living in the downstairs unit under a 1 year fixed-term lease ending October 31st 2024.

There are way too many varibles and you'll either end up way off or get overwhelmed and become paralyzed. 

Copies of leases & all amendments (anything verbal will not carry over - if a tenant fights it, then you negotiate a new agreement with them or they leave - Never make verbal agreements with your residents)2.

@Zach Quick it is a single family house, and no I never been out to Pittsburg KS. 

I have never been a LP on something this small, but on bigger projects the GP charge an acquisition fee and mgmt fee, but their profit share is no where near 50% (possible exception for far exceeding projected return then GP get larger percentage of profit above the expected return.I am unable to tell the GP capital commitment. 

In the end, our insurance, combined with the homeowner's policy, paid out $240,000 to the claimant.But a much greater problem could have arisen if the insurance company concluded that we were guilty of GROSS NEGLIGENCE.