You also have to consider the down time of not renting while you renovate and likely having to fly in several times to check on work, meed contractors, pick up supplies.

Similarly, if you put several Class D tenants in a Class A 4-plex, what do you think will happen to the property?

@Michael IzbotskyAn estate plan serves several purposes, but, in CA, yes, particularly to avoid probate.

I own and manage several Catskills STR properties.

In the DFW area many properties have had their taxes go up 50-200% year over year for the past several years.

I own several houses in Rockwall county. 

We recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.

You either have to have paid off properties, own properties in high appreciation locations that you have owned for 10-ish years, or several short term rentals that you self manage (which is a bit of a job in and of itself). 

In this case the current financials on the property aren't great(rents well below market value and the owners family living in several of the suites) so the lenders will likely not provide the funding based on poor NOI.  

Several times now, fraudsters have taken our property listed for sale including all the staged photos and posted as a rental.