I have nicer Class B properties and it is expected that the applicants have a good record. 

@Ike Okwerekwu Recommend exploring as many sources as possible to get referrals AND cross-reference them to get as much accurate information as possible.Check out NARPM.com, BP’s Property Manager Finder (BiggerPockets: The Real Estate Investing Social Network), etc.Also, encourage you to learn from the mistakes of others - by reading posts here on BiggerPockets about owners not having their expectations met by their current Property Management Company.

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.

If you expect to get every penny out of every deal you are going to be disappointed.

With 4 rentable rooms (including the basement), I expect to generate $3,600/month with full occupancy.

However, there may be a commonly expected way of handling it in your area.

Also, long term, I expect Sac will enact tougher restrictions on STR, given the intense housing crunch we're experience, so I personally don't expect that to a be a good long term strategy.

Now, you need to figure out how to find deals and pay for them.

That'll help you figure out what direction to aim in before speaking with a bank to figure out how much you can qualify for. 

Was fortunate enough to lease for higher than expected rental rates.