As all liens earn 10%, your actual returns become much lower as you dish out premiums (that won't earn interest and aren't refunded back to the investor at any time). 

I once had a tenant complain about roaches and when the exterminator went for an inspection I had him snap pictures ... there were dirty dishes stacked a foot high in the sink ... crumbs and food wrappers all over the floor, etc.

It just no longer cleaned the dishes. 

This can prove to be difficult if you're not prepared to dish out those funds when required.

In addition to mortgage, insurance, taxes, and repairs that you would have in a long-term rental, in a vacation home you must pay for utilities year round, gardening/pool cleaner, advertising, supplies (if the towels or sheets get worn out, you must replace; dishes broken, you must replace), deferred maintenance (cannot be deferred long or guests will complain), etc. - Understanding area occupancy rates is key.

Hot water is good for showers and overall sanitation such as cleaning dishes, so immediately.

I know have a huge assessment in the lease for any animal found (or food dish for outside cats) on the property with prior permission.

I've also been looking at Las Vegas for a number of reasons, but mostly the opportunity to find something in the 1% RTV range, and without having to dish out a huge cash outlay for my first property.

Updating kitchen may be tough to dish money out on but if pm knows his/her stuff and is recommending you do it I would have to agree from the info provided.

Not to mention, a lot of people put dishes in the dishwasher without rinsing it off to remove food remnants, which to me would imply the tenant was negligent, which cause the problem.I had a tenant move into a SFH from an apartment and put paper towels in the toilet, needless to say it caused a major problem, but since I had a clause in my lease about negligence, I paid for the problem to be fixed and they repaid me.