It’s not the most simple task unfortunately - definitely requires some technical skill.

Professional property managers stay updated on legal requirements through memberships in state or national organizations.

I am considering getting into this space (looking at some courses), but worried that its too late, and that deep local market knowledge/understanding of buyers/connection with developers etc is required to make this work, which only incumbent/long term investors will have and would be hard for a new entrant starting from scratch to catch-up...is my hypothesis valid in your opinion ?

Additionally, we have developed templates for tracking key metrics that we require our PMs to fill out weekly. 

Making money in real estate requires experience and starting with no or little money makes you study harder.As much as most of us probably wished for it, getting started with a lot of money in your pocket is a recipe for disaster: the temptation is to make the deal work by throwing money at it.If you want to go into real estate go with a syndicator with a good track record.

Also, as long as the house appraises, taking broker commission and using it against down payment and closing costs means lower cash requirements for me which increases my CoC returns.

I am sorry that the storm that passed through just prior to your stay required emergency roof repairs. 

Check AirDNA for demand, pricing, etc.The Dekalb Board of Commissioners has proposed regulations for short-term rentals. https://engagedekalb.dekalbcountyga.gov/airbnb-dekalb-countyShort term rentals require you or your property manager to be hands-on and come with more risk.

They require 48-72 hours notice to schedule anything onsite so we've been waiting 2 weeks now for a Section 8 initial inspection date to be scheduled by them.

Especially in a high interest rate environment where cash flows on long term rentals are muted and there is significant capital required to purchase and list on airbnb.I live near NYC but would invest out of state in an airbnb / landlord friendly state.