However, prices for a comparable 5-bedroom home in Washington are significantly higher, likely around $1.5M or more, which would mean taking on a new 30-year mortgage with 6+% interest rate and limiting new investment opportunities.2.

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

And a condo can take longer to sell when you exit compared to a detached home.

Are there any unique considerations or red flags you look for compared to the traditional rental process?

I wasn’t looking to add value or find something off-market because the time and effort just didn’t seem worth it compared to focusing on my career.

(+1 sub)speaking of uncut gems. it's interesting that was the movie you were going to watch, given your situation. can't really compare RE to gsmbling, but the guy had heart and wouldn't give up for nothing. great job on persevering thru this storm! 

Kyle there are a ton of options here that you can compare.

Quote from @Holly Barrett: So I'm comparing them w/Foremost on our Short Term Rentals, the quotes are $500-$1000 less than I am currently paying for each property per year.

I'd start by refining your search criteria, researching the surrounding markets, and comparing them to what best fits your needs, etc. 

We don’t know any PMCs to recommend in the area mentioned, but since selecting the wrong PMC is usually more harmful than selecting a bad tenant, you might want to read our series about “How to Screen a PMC Better than a Tenant”:https://www.biggerpockets.com/member-blogs/3094/91877-how-to-screen-a-pmc-better-than-a-tenant-part-1-services-and-processesWe recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.