Look:The reason you need to do more to make it "work" is because:The success rate of that strategy is SO DARN LOW that you need to send THOUSANDS of mailers, calls, or texts to COMPENSATE for the low performance of that strategy.So in other words...Because it does NOT work, you need to do a LOT of it, to compensate for the fact that it  does NOT work, to get a deal... so you conclude..

They want stellar performance on: 1) listing, 2) screening, 3) leasing, 4) inspections, 5) maintenance, 6) lease enforcement, 7) communication, 8) liability mitigation, 9) tenant management, 10) market trends, 11) technology, 12) move-in / move-out process, 13) handling/disposing of tenant property, 14) resolving disputes, 15) vendor relationship and management, etc. 

Then coaches, like myself who is a High Performance Coach and also an investor, are capable of helping you grow and take steps forward with Courage while also helping align the rest of your life with your investing. 

The Assessments levied by the Association shall be used exclusively for payment of Common Expenses including, without limitation (i) the upkeep, maintenance and improvement of the Common Areas and other maintenance obligations set forth in Sections 10.1 and 10.3 below; (ii) maintenance, repair, replacement, and operation of rights-of-way and easements within or immediately adjacent to the Project (e.g. landscaping and sidewalks within the right-of-way of adjoining streets) to the extent that such actions are required by government entities or deemed appropriate by the Board, (iii) promoting the recreation, health, safety and welfare of the Owners and other lawful occupants of Lots within the Property, (iv) payment of property taxes for the Common Area; (v) insurance premiums; (vi) legal and accounting fees; (vii) management fees; (viii) charges for utilities and other services provided to the Common Area by the Association, if any, and for all utility charges paid or incurred by the City and reimbursed by the Association for street lights in the Common Area; (ix) costs to maintain the entrance features, including any electricity, landscaping and irrigation expenses associated therewith; (x) the performance and exercise by the Association of its rights, duties and obligations under the Project Documents, and (xi) maintaining any Stormwater Control Facilities located on portions of Common Areas to the standard required by the governmental entity or agency having jurisdiction over such areas.

Since you’re just starting out and haven’t even seen how the property performs post-renovation, I’d say give it some time.

Any market can work, you should consider a market that you have some 'competitive advantage' compared to others.Think of an area that you grew up in, went to school, visit friends / family, visit often, best of luck.Also, do you have any experience in rentals / short-term rentals.Air-bnb's hosts have become 'commercialized'.You will not out-perform a host who has years of experience, does this 24/7 and has a team of support.Best of luck.

Owners mistakenly ASSUME all PMCs offer the exact SAME SERVICES and PERFORM those services EXACTLY THE SAME WAY, so price is the only differentiator – so, they often select the first PMC they call or that calls them back!

Should perform at a 10.5 cap without even raising rents or value adding.

Hopefully the prime season performs well enough to make up for some of the soft off season. 

I'm with a construction and design company and we operate in NC - feel free to reach out, would love to work with you and help you create a high-performing STR.Here are a few we did in NC for you to check out:-https://www.airbnb.com/rooms/755582185230853225?