The original annual lease had an end date of 3/31, if that is helpful to know.

What would you estimate the additional labor hours to be annually for reading, processing, etc?  

You have limited appreciation and often the taxes go up later and shortfall the cash flow expectation.Rent-ready for you would also mean live-ready, but by having two residences and two short-term options when you are not there, you are creating a lot of upkeep and maintenance on both that will be very hard to manage.

Preemptively talking through issues that may arise (lowering rent, no payment for the month, big maintenance item, accounting error on your end) helps build that.Bring options to the table and educate the owner.

If they are low revenue and high maintenance or not...

We receive 50% of the income and all maintenance issues are handled by B&B.  

agreed  quality paid off rentals are about as solid as you can get.. not only that you have less maintenance and turn over for the same income.. what one misses is appreciation if thats your goal.. more props that all appreciate more wealth depends on your situation..

You will need to schedule annual meetings, prepare minutes and maintain good records.

But you also have to subtract utilities, turn costs, starting items (kitchen and cleaning items you give them), and furnishing upkeep/maintenance.

You only need a place to track tenant information, payment history, maintenance, etc.