Zachary,Your concerns about Cleveland are valid—high property taxes and stagnant population growth are definitely challenges to consider.

At the end you will come up with a ratio. 

The high end is the 20 or so co ops on 5th Avenue or Park Ave (one is on East End Avenue) that require liquid assets of $100 million + to gain board approval.  

Too many investors waste money on general handymen trying to fix everything, only to end up hiring a specialist later anyway.6.Each property should have its own bank account.

I highly recommend a well-qualified REALTOR who works with investors and knows how to help you best.7.

20% is not high for managing a STR.

I do well, at least enough to go on vacations as a family, put money into high yield savings accounts, max out the ROTHs and add to investments when I can with money saved in savings and checking accounts.

The PM said they don't up-charge, but most repairs and expenses were ridiculously high.

During the peak season you have to make your money when the slow season is so much less.I do have events where the prices are expected to be high due to supply and demand.I do see some of the dynamic pricing days as being rediculous and your going to miss out on the early bookers looking for a fair price.

the company I went with was 12k and performed high quality work.