Plus, if you are using a broker their broker fees will typically be an additional 1-2 points.

I successfully run 1 STR and have a 2nd that an inherited PM handles.I have Vrbo and Airbnb they will sync with each other with no external software.I set pricing easily by using the built in tools that Vrbo provides.Automated messages are built into both platforms.Vrbo keeps my calendar slammed, but I take direct bookings as needed, simple to do.I have no additional 3rd party fees to very sucessfuly run and manage my property needing only a a few minutes per week.

It is common for PMs to stick fees into paragraphs throughout the agreement, this is another red flag.

I would give the lender a 1% origination fee and payback the interest on the loan in 2K/monthly payment.

Most of my renters choose #1 because it provides a clean break.I document everything and I don't accept the early termination notice or start the clock until they pay the termination fee. 

The difference is just UW fees, better than paying a 20% increase at payoff to remove properties. 

We are VERY strict about late fees too.

It may sound nice to pay a 6% management fee but the extra fees can add up to be more than the other company that charges 10% with no additional fees.

If they are charging you an upfront fee, they are more than likely not legitimate.

Or even interesting to think about the ability to charge late fees.