The cons as i see it include loosing the 2 of 5 year cap gain exception, typically not an ideal rental because the emphasis at purchase was buying a good home for your family and not a rental with optimal return (my ex-home consistently has the lowest cash flow for equity in my RE portfolio), not disconnected enough from the property causes addition angst on damage and may result in over improvement.  

If your average heating bill is $150, you may not collect enough in the winter months when the bill reaches $225 but you'll collect extra in the summer when it drops to $65.

Even with the discount, the investor will be a life style investor who wants to own in PR more than optimize return.  

Those willing to go beyond that could be good partners for real estate investors.Traditional banks/Local Banks and non-bank lenders - If they are a portfolio lender, meaning they actually hold on to the loan and don't just collect your payment, then they have the ability to be flexible.

You can collect payment directly through airbnb or collect it through your payment processor (mine is Stripe) on your direct booking website. 

Why spend 12% for someone to manage a property in good shape where you just collect rent and respond to an occasional need?

I find that it's almost a one stop shop in that I can use it for my business checking and savings accounts, bookkeeping, for rent collection, I can issue virtual credit card, I can create all the financial reports I need to run my real estate business and prepare for tax filing and through their partners I can vet my tenants, develop state-specific leases and more.

This includes preparing the property for renters, pricing it right, marketing, application screening, collecting rent, dealing with unpaid rent and other lease violations, security deposit disposition, inspections, and so much more.

First things first, when assessing property managers, it is crucial to prioritize their ability to collect rent and manage delinquencies.

The PM will also fix things when needed, using local handymen or contractors, and collect the rent for you.