Communicating timelines and expectations upfront can help prevent losing good prospects to other properties.I'd say it's a potential red flag if they want to sign the lease without viewing it.

Then there’s city regulations—some places heavily restrict short-term rentals, so you’ve got to check the rules.If you find the right spot and automate stuff (guest communication, cleaning, etc.), it can be profitable.

Can you confirm if this is correct?

In a busier place, you might just be told to find a GC to "un-cluster' what you did.For me, when this happened, I had to go and hire a certified plumber, and electrician, and framer to come in and certify that all the work my handyman did was correct - and to fix the issues that weren't correct.  

You are correct in your assumption that it will impact how low they can go on the down payment, though, b/c commissions will need to be paid out of closing costs. 

They're very autonomous and don't communicate too much which doesn't demand much of your time. 

I had to look up what "variance analysis" meant.If I understand the question correctly, you're asking "What went wrong to not hit our 20% target?"

Again, this is due to how long it was taking to get work done, the quality and lack of communication (I'm happy to post examples as well), and frankly, the quality of work expected once I realized how many things I was not told about before the purchase.However, you did not offer in any way to address issues left by the prior tenant and made it clear that it was my responsibility.

You may want to make an introduction between your CPA to those 2 colleagues.The CPA can go over their services and pricing to your colleagues.I partner with many people on real estate deals - It never gets to a discussion on whether they do their own tax return or hire a professional.If a partner mentions he will provide capital - does he provide the capital on a timely manner.If a partner mentions he will find deals - does he find many deals and provide an analysisIf a partner mentions he will manage a property - does he manage the property well(find tenants, collect rent, communicate with contractors, etc)

Streamline your communication process to secure quality tenants.Focus on QualityThe condition of your property matters more now than ever.