How long do you wait out a market if there is a decline in rental prices before cutting your losses? 

Its digging in a straight line 85 ft . 

However (I'm an insurance agent not an attorney) the legal wrangling of the PM not taking a necessary action could set up a situation where the insurance carrier pays then subrogates back against the PM company for their inaction so the property manager should also have appropriate general liability coverage for their business.This next part can change by state and insurance carrier...Being named as lienholder or mortgagee can set up the lender being involved on the payout of any damages - say there is a fire the checks cut for damage could name the insured and lender so both parties have to agree how those funds will be used.Some carriers have a rule that if the loss amount is under a certain dollar amount the check is only cut in the owners name / if the loss exceeds a threshold (say $25k) the check is cut in both the owner and mortgagee names.Being named as loss payee is literally that - the check is cut in your name or both the insured and your name. 

To top it off their contractor used a saw to remove their lockbox and cut into my front door badly damaging it in several places, and they will not address that either.

The idea is intriguing, but online research has yielded conflicting opinions and "pay to play membership plans; can't get a straight answer whether this is legit or scam and not worth the front-end subscription payments.  

No matter how you cut it, you will get a higher return by doing STR than you would by doing regular rent. 

If it cuts too much into your profits, look elsewhere.

Took a 20k pay cut.

However, due to it being:1) In the state of California2) A shared home, rather than an outright external property being rented...the default insurance company on offer advised that many carriers are pulling out of CA and that I should go to a local insurance agency.My current insurance for home policy does not offer a "home-sharing endorsement" but only a separate renter's insurance, which would complicate things, since it's for traveling professionals, and they're not going to be booking for 12 straight months.

Monday came and I called her at the scheduled time and it went straight to voicemail.