It all depends on your specific goals and risk / pain tolerance at this point of your life. 

Only leases of more than 12 months in my state require a notary, so the argument that it's not their signature wouldn't hold water and could be forensically disproved....But filling out two copies then and there by hand would be a pain.

This is a business and unless you want to learn some REALLY expensive and painful lessons you better start treating it like one (no judgement just tough love).

While it’s not rocket science, there are errors that you can make that’ll extend the pain longer than necessary.

It was a pain in my a** getting here but I made it!

One thing I’d add to the list is that utilities typically aren’t on which is risky + a major pain when you transfer title.  

We decided to give it a go, and since the biggest pain in the butt of a refi is all the paperwork, we decided to do 4 houses at once since the paperwork would be the same for 4 as for 1.1st one. 

So if the average is 95% I’d underwrite to 93%-94% (physical...economic is another story entirely).As to your second question—resident profile changes are a painful process.

I focus on buy and hold long term rentals, but I've explored the airbnb model for several of our properties, and I'm a (painfully) frequent user....my input is limited, but here goes: - if I were you, my first step would be to study up on the local ordinances around short term rentals.

However, my routine when I receive a reservation is to immediately update that spreadsheet which makes it less painful than entering them all at one time.Mike