He told me that he had found it much more useful to save the extra money for repairs, emergencies, or future investment.

My view is that the extra income from STRs/MTRs basically compensates for the extra effort.  

Buyers if you want an extra advantage over other buyers call your favorite Mortgage Banker and ask for a "Fully Underwritten" approval not just a Pre-approval.

We rented to them as they had cash from selling their home and paid us first, last, and security plus 3 months of rent extra.  

The reality is the opposite - if it's not in writing then the PMC doesn't have to provide the service or can charge extra for it!

This but taking it a step extra: If you own a business in an S corp, having a C corp as a management company to do solo 401k and hold cash for any retained earnings needs can be a perfect addition to those who have SBA debt and want to pay it off quickly.

One thing that allowed me extra time to focus on my real estate is that I worked a 3rd shift job for many years.

Or you need extra cash sitting on the sidelines to help if your rent up phase takes longer, or it you get into a Price war with deeper pocket companies.a. 

The minute they run into difficulty they give up or just start whining.

Reach out to me if you want to learn more without sending an extra dime but your time.