A combination of extremely tough long term tenant protections and the economics of short term renting being a lot more attractive. 

I 100% know that he's going to spend a decent part of the 2 days trying to get me to invest in Cardone Capitol.

Trust.I am spending upwards of $7K having my STR to LTR back to STR repainted and refurnished.  

thanks. you will spend more time trying to figure out whether or not its required than actually completing the form. it takes five minutes. 

The tenants should have renter's insurance to protect you.

Work with a real estate attorney to draft a formal agreement that outlines responsibilities and protects both parties. 

A well written management contract should clearly spell out what is expected of both the PMC and the owner, to PROTECT both and avoid misunderstandings.

My markup is always lower than the original lender's because I don't spend money advertising during the Super Bowl, my president doesn't have a corporate jet, and we don't have layers of management we need to pay.

Also make sure to have owners add you to their property insurance policies, so you have liability protection. 

No need to spend an extra $1000 for something a tenant won't notice.