I do the standard buy and hold but the property has to be bought at a discount - 85% of ARV is my maximum - including purchase price and rehab.

I am using OPM as meaning the use of funds other than my own to replace funds I would otherwise need to complete an acquisition using standard financing.  

My wife and I are looking at buying a property that we can live in and fix up (cosmetically) and then either rent it out as a standard SFH or as a short term rental. 

I am debating whether i should just fix the shower pan. or, rebuild shower as well just in case water leak is coming from shower walls. what do you think? 

It is very strange for a PM company to hold rent for that long.The industry standard is for the PM company to pay you on the 10th after rents are received.I do see some PM companies paying on the 15th.Ideally, the PM company can pay by the 10th because most mortgage payments are due by the 15th of the month.You may want to consider giving another look for a PM Company.

Laws, contracts, best practices and standard protocols are always changing.

Some people like to live at a higher standard of living than others . 

Its less a niche than it is a standard business.  

About half of them because of heat, storms, fires and fresh water concerns.

Many builders would not want to begin building on top of previous work, especially if it's sub standard.