From a tenant’s perspective, that can feel intrusive, and it often creates trust and privacy concerns.That said, if your lease clearly states that the tenant is not allowed to change or modify security devices or locks without written permission, then they are technically in violation of the lease.

I have a long time client in B ham  you probably know him.. but for a time he has done it all turnkey modified turn key and owner operator. 

The only push-back I ever get is something they feel should modify that price.

And 90% of the time the deal does not work and the 5 to 10k is just cost of doing business.. better to spend that money than a year of your life and 100k only to get turned down or have to severely modify your plans.

I got my lease off of BP & modified a tad to fit my MTR needs. 

The ability to pivot the property to STR, MTR, or co-living use is valuable.If you are only holding the real estate and not operating the business, then who you choose as your operator matters more than the specific house you buy.PM me if you want to talk through this in more detail.Fannie Mae's guidelineFannie Mae purchases or securitizes mortgages that are secured by properties that have a business use in addition to their residential use, such as a property with space set aside for a day care facility, a beauty or barber shop, or a doctor’s office.The following special eligibility criteria must be met:The property must be a one-unit dwelling that the borrower occupies as a principal residence.The borrower must be both the owner and the operator of the business.The property must be primarily residential in nature.The dwelling may not be modified in a manner that has an adverse impact on its marketability as a residential property.

Modify the bathrooms to meet requirements and decrease liability.I would consider that application but the lease agreement has to be spot on and the deposit substantially larger.

I will not trust the tenant to manage the risks prudently and will instead utilize a modified gross lease where I will retain control over physical work orders, snow removal and items that I view as greater liability occurrence related activities. 

The notes I purchase at a large discount are typically (but not always) in default, and I attempt to modify the note into something the borrower can pay and that gives them incentive to make the payments and eventually pay us off.  

I'm considering a property that is already modified for this platform, but not sure what I think about the idea.