If you are investing in a distant market there should be even greater reasoning behind the investment because you have less control and therefore even greater risk no matter what anybody tries telling you. 

There was also a part of that law that enacts rent control anywhere in the state, which may affect your plans.Make sure any changes you are proposing to the contract are compliant with the "new" New York State housing laws. 

Kevin I’m not saying it’s a good or bad investment and this is nothing against your personally but at some point you will HAVE to fully dive in and fully understand the scope of your investment whether it’s turnkey or anything else if you are going to a chance at ‘controlling’ the outcome you are seeking.

The state doesn’t have rent control laws, but landlords are prohibited from collecting more than one month’s rent for security deposits.

I guess my challenge right now is to define the strategy and balance all the factors, such as job and population growth (value increase), cashflow (demand & supply market, interest rate, property tax, maintenance cost), and risk control (insurance etc). 

It gives you better control over the process and helps you really understand the market.

Smart Home FeaturesAdding smart home technology like thermostats, security systems, and lighting controls can increase a property's appeal and value, especially for younger buyers.8.

Only thing you can control is price and making sure the home is prepped and shows well. 

The PM dropped the ball by not doing more to control the situation.To answer Jordan's original question:Do you think that is fair - to be forced to pay for your manager's mistake?

if you allow the use of it I would mention something in your contract that the tenant is responsible to manage a controlled safe fire or something along those lines.