I also am very interested in purchasing more STRs, and this is a really low risk way to see if I'm up for it (we have a 2.9% interest rate on our mortgage).My biggest concern is an ongoing plumbing issue we have had.

I'm concerned with being hit with a lot of "unexpected" costs as the project starts.Any advice would be appreciated.

So, I don't think frozen pipes were a concern.

Your PM is not communicating, and this is a legitimate concern.

My only concern is searching for the rent to value "1% rule". 

Insurance cost for weather-related disasters is growing to a major concern in many of the southern markets.

I have a sibling who is looking to sell two single-family rental properties but is concerned about the tax implications.

By no means am I suggesting the funds should not be held correctly but there are other areas a landlord should focus their attention if they are concerned about tenant related liability. 

Low insurance" is concerning to me, as Athens gets a LOT of high wind / weather / tornado activity for unknown reasons - they just got hit again last weekend. 

@Patrick Pan, if I was operating in a state where that was a concern I would just contact their current landlord for a reference.