While this is true that NY State is not landlord friendly/2nd behind CA in its laws as being the most tenant friendly, I find it a bit strange agents will often try to talk someone out of property.

If you want to be generous about it you could tell the tenants your operating costs are consistently going up (which is true), share the current comps with the tenant, and ask them what kind of increase they would be comfortable with.What are peoples’ thoughts on where rent’s should be set or the best way to get them up if you fall behind?

If things seem potentially too good to be true, they just might be

Can anyone tell me if it's true that there is also a monthly fee in addition to the initial $10,000 that you have to pay? 

What Real Estate Cliches have you found to be true, useful, or completely false. 

Which of the two situations is more true to your situation?

You only options are going to be DSCR or a true commercial loan.Both of those are going to require 25% down for a "First time" buyer with (zero) landlord experience.

Here is what I proposed:Setup fees : Administration Setup:One Time Fee: $400Guidebook: Using professional photos give the guests a professional tour of the house and how the home works (Wifi passwords // How to use grill // How to use propane fireplace // Hot tub instructions // Sauna instructions //Check in and check out instructions //where extras may be storedOTA (Online Travel Agency) setups: taking professional photos and actively updating your listing on popular platforms;PMS (Property Management System) Setup Smart Pricing Set upWebsite integrationOther (furniture arrangement / design / décor shopping and set up) $50 per hour· Placement fees · Marketing Cost: Variable depending on needs/wants for marketingFacebook AdsGoogle Ads Cleaners: Set up procedures/take pics of expectations· Management fee—30%Guest communicationCleaner communicationSetting Rental rateDealing with small maintenance issuesBooking CoordinationSmart Lock integrationKeeping supplies stocked (TP, paper towel, all cleaning products, coffee, filters, creamer, sugars, teas,)(Receipts would be submitted on a monthly basis for either reimbursement or book keeping purposes)Encouraging guests to leave good reviews by periodically checking in, providing a review template, and ensuring guests receive the amenities they are looking forContinued marketingMajor Maintenance fees—OwnerCleaning and laundry services fees: Cleaning fee to the guest depending on how cleaner wants to charge

You could also shop the coverage to see if there are savings in a different company.  

Don't go penny shopping.