Your PM fees for LTR will be more in the 10-12% range, while for STR it is more in the 25-30% range (and don't forget about GET/TAT). 

You should be able to build this into your cleaning fee. 

(Late fees would be one example.)

As you get larger, you can typically get better management fees, but you typically won't shift from a flat percent to percent + payroll until you get closer to the 40-ish unit range.

Then mortgages get collateralized and sold to Fannie or Freddie so they can keep lending and make money from the original fees.

Do you have a setup fee?

I ultimately invested $65 cash, $5k in legal fees, and $9.7k in operational expenses while owning the home, and walked away with $17.3k after a judgement.What made you interested in investing in this type of deal?

I removed the chimney entirely and installed a full HVAC system, making it the only house on the block with modern heating and cooling.

I have three listings, 1. unit with a pool and hot tub, 2. unit with a hot tub, 3. both units together as a 12 sleeper.Gross monthly income (after booking channel fees) for the first unit over a 7 month period was $7309.Gross monthly income for both units over a 14 month period is $11,297 (after booking channel fees) As a long term rental the combined rent would be in the region of $5500.Is it possible to sell the property based on the income generated by the STR business or would the value always be based on bricks and mortar comps? 

Quote from @Jamie Banks: Here's a few things I include in my MTR lease- Utility caps- Outline of the furniture that is included- Details regarding which utilities are included- Outline who is responsible for lawn care / snow removal- List of fees (admin fee, cleaning fee, etc) Hi Jamie!