There is much more to it than just buying a property, renting it out as and STR, and having money deposited in your bank. 

He's been calling the office harrassing my staff about getting his security deposit back. 

Not only is there a deposit, more importantly there is a air of accountability since the home will be checked IMMEDIATELY after a stay.For those of you with long term tenants, when is the last time you looked inside your home?   

Think of all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.

@Jacob Chapman you have experience with Yardi so you should know what is important to track: rent charges and payments, security deposits, maintenance requests, tenant/vendor contacts, invoices, etc.There's a whole list of free software solutions available for small Landlords.

Or keep track and deduct from deposit

I was even thinking to do a bike rental where I can put the bikes in a storage room/garage with a smart lock, so when the guests paypal me the bike rent and deposit, I can send them the code to unlock the storage room/garage.

I do a 500 REFUNDABLE deposit and no pet rent 40lbs or less

We've racked up $30 in late fees, a $290 electric deposit, and $625 gas deposit and $60 reconnect charge. 

Have to buy in full by end of day with 10% deposit right then and there.