There is ZERO chance the repair would be made within the guest’s stay. 5 days is a fast repair for a warranty company. 10-14 days for the first attempt is more likely. 

Through observing what many of these out of state or passive real estate investors (your most likely client base)  prioritize in these forums two items that jump out are avoidance of major capex repairs and asset protection.

If my wife and I manage all aspects of our STR business (no property manager, self-managing all of our bookings and guests, accounting, rehabs, working on repairs and maintenance ourselves) as we’ve been doing the last six years, would we be considered real estate professionals?

Here are some quick end-of-year tax strategies to offset rental income:Cost Segregation: Buy a short-term rental (STR), put it into service, and use cost segregation to accelerate depreciation.Prepay Expenses: Pay for repairs and insurance now to deduct this year.Defer Income: Delay rent until next year to lower this year’s taxable income.Maximize Deductions: Deduct property taxes, mortgage interest, and insurance.Charitable Donations: Donate before year-end to reduce taxable income.These won’t offset W-2 income but will help reduce rental taxes.

Ask the investor what are his numbers, what does he intend to do with the property, how much is it worth when done, how much does it need in repairs and what repairs will he or she be doing.When you know your market inside out you will feel more confident on moving forward.

I would love to know where is the best place for me to start & least expensive, & what do I need as far as a team (attorneys, repair professionals, etc).

Hi,I have property with a PM....as part of the agreement any late fees go 100% to the property manager.......my tenant moved out without paying last month's rent and the property also had a bit of damage and repair expense (3-4x monthly rent.) 

Experience on several different levels, for repair, and time line.

It was repaired last year but needs replaced within 3-5 years. 

Charge the tenants for the service calls to repair THEIR damages & violations.