The other alternative is to raise capital and be more of a fee developer, at least at the start.

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

There are asset protection companies who make lots of money off this - I talked to one who said it's $13,000 (for 4 properties) to set up layers of protection then annual fees after this. 

Here are some of my takeaways from your budget:Operating Costs: Your STR management fee of 20% is high.

I've already had to turn multiple people away after running their credit reports, so I can already see that it's not going to be financially feasible for me to be covering the fees myself.

Any help would be appreciated before I pay attorney fees on this one. 

Your policy may also cover soft costs like permit fees and legal expenses caused by delays.

MTR brought in 75% of the gross and more of the net due to lower cleaning fees for turning over the STR.For gross numbers we brought in about 1.2% of the ARV value in monthly rent this year which is decent based on the rules of thumb at least. 

No damage from any pets yet and you may even charge a pet fee as well. 

in our area that is a real big deal.. we did another demo and left a few pieces of flooring an inspector came on our job determined they had asbestos in them and we violated taking asbestos items to the regular land fill.. that cost me 19k in fines and 18k in lawyer fees to keep the fines from being really big..