A scenario like that would likely result in getting your entire investment back upon refi and also a nice cash-flowing rental to manage.   

Drunk guests would make me nervous.I also manage short term rentals, but don't do weddings.

Taking small, manageable steps now will help you make informed decisions when you're ready to invest.Good luck!

.- They can rent by the room and self-manage to produce day 1 cash flow.- Many of these HCOL areas also have strict limitations on AirBnB or short-term rentals... that do not apply to owner-occupants - thus allowing for extreme cashflow potential for house-hackers.

I currently self-manage three properties in the Atlanta metro area and have learned a ton through trial and error over the years.

I recommend that they use a property manager.

Based off of the podcasts I am listening to and other property management professionals that I network with, that has been the experience of portfolios across the states. 

Will it pay the full PITI plus Capex, management fees, maintenance etc?

I currently work with investors who are looking to begin their portfolio in turn-key real estate and manage for them on the back end so they can still enjoy their everyday lives while having a resident in place paying down their loans. 

I asked for a refund outside the 3 days (ridiculous time frame to give to clients but it tells you everything you need to know about the company just didn't realise on time) but I told them I didn't receive the login until the 4th day and that I am the one who requested so I would still be missing the login of wasn't for me that didn't seem to make sense to Kevin the manager there who by the way called me a week later.