We've been doing ST Rentals for 4 years and over the course of those 4 years I personally feel AirBnB is continually improving and VRBO's platform is getting less user friendly and they are always finding clever ways to add fees on the user and the guest. 

And even if the items fall under improvements or an asset that needs to be depreciated, you can elect to expense them with de minimis safe harbor if the expense is below 2500 per items. 

if you did inspections of the property during your purchase due diligence, you will probably have a list of deferred maintenance items...you could offer to fix some things or do some improvements, providing that they pencil out for you.

It would also be advisable to bring a projected P&L statement to share with the lender so they have a good idea of how the asset will perform.

Write the offer based on how it’s performing taking into account some of the upside if upside is there.

If you make improvements, they probably won't appreciate them or keep them up.

The last thing you want is to have everything stopped in their tracks because you moved forward with a self help eviction rather than waiting for the sheriff to perform the proper legal eviction.I know I cannot get him out, sheriff has to do it, but he has no legal rights, He's got plenty of legal rights, as do you.  

Upon improvement, refinance into conventional (assuming you have the equity).

I've been doing this for 3 years, but am always trying to improve and could use your advice to navigate these potentially tricky waters.Thanks!

I love the improvements VRBO has made in the past year.