I think it depends a lot on area and price point with $7k monthly rents I rarely spent more then $3-4k a year on cap/ex/maint.

This will all depend on how good of negotiator you are. 

Valuation depends on your market = i.e. volume of STR supply and regulations. 

Depends on the area.

Depending on the ARV some are even able to get out all the funds they used to quickly rinse and repeat

However, I have heard and read of many horror stories of landlords working with incompetent property managers who provide no real value.In attempt to avoid this issue, I am doing my due diligence and asking investors for referrals of trustworthy property manager.

As a few mentioned, depending on your situation you might have to do a DSCR Cashout (vice conventional investment), and with hard money loans often there is a pre-payment penalty.

Depending on where the property is situated and the "local market conditions" I have them rented out as either long term, mid-term or short term.

I would start with them.I am not based in LA, so I don't know your exact laws, but I think I can still provide some initial direction for you to find answers, and maybe offer an idea to research.  

American Family recently discontinued their multi-family coverage, leaving many property owners scrambling to find new providers.