If you are hiring a contractor to do all the work and using their funding, between those two costs along with the cost of selling the property (6% realtor, 3% seller paid fees, 1% closing costs = 10% to sell), it gets really tight.  

For the moment I would recommend doing your homework, calling people up, make some connections, hire a RE lawyer and start looking at prices for STRs WHEN the lockdown is over, which is impossible to know as of today. 

@Josh Darley hire an attorney to handle terminating this lease legally!

I would hire a pro and return to original condition on rental and bill the deposit. 99% of tenants will do the bare minimum and it will be crap.

I won’t be hiring a CPA to do my taxes.

If I hired a PM that would also take care of collections (among other things) would I still need a service like rent redi?

You just need to make sure you hire out the right contractors, as there are a lot of unreliable GCs there. 

When they move to a new area, they hire a quality local property management firm to manage the rental for them longer term. 

If you just hire the cheapest or first PMC you speak with and it turns into a bad experience, please don’t assume ALL PMC’s are bad and start trashing PMC’s in general.

You can do cost segregation on your properties and generate a lot of deductions – but if you can get advantage of those deductions and move them from the passive side to the active side (via REPS) it’s another question (and unlikely if you have a W2 job, maybe a stay at home significant other?).