Some co-hosts are locals who will assist and drop off extra linens, do check ins, etc. 

Lending in the manner in which you are talking about in CA would require you to get licensed or use a license broker and therefore cost you 1-2 points which is less money that you can earn by doing it yourself as a broker.

So, if you give your members a great move-in experience and they stay for a while, you'll earn more than the 12% fee structure. 

The reality is the opposite - if it's not in writing then the PMC doesn't have to provide the service or can charge extra for it!

Would like to know which one you would choose and why(goal is to earn the most in 10 years time).1.

I am not going to rent a nice house to four 19-year-olds working at McDonalds because it's absolutely foolish, but I will put two of them in an apartment and give them a chance to earn a reputation.

This will give you extra cash flow in the first year and/or the early years to maximize your tax benefits and make your dream come true.

Reinforce entry points with security bars, and consider a monitored alarm system or joining a local neighborhood watch for extra protection.

@Bruce Woodruff, I want your extras added to this list first please.Anyone else have some good ones to add so we can help those who are in the middle of their first reno from losing more money? 

The reality is the opposite - if it's not in writing then the PMC doesn't have to provide the service or can charge extra for it!