But, I see that is not everyone's experience, especially as the owner.

I became aware of a mobile home park that was for sale by owner.

As the owner, you may want to eat the cost since future tenants will likely make the same mistake.

As an owner you need to stay out of it .

I suspect that short term rental returns have declined due to oversupply and some short-term rental owners are switching their properties over to long-term rentals.

Also at closing: You should provide your lender with a lender's title insurance policy, separate from your owner's title insurance policy.

@Michael Smythe speaking as both someone who owns rental properties that we self-manage, and a manager for other owners, I think' you'd have a tough time going after the property management company. 

The property owner uses the money to pay off as much of the mortgage as possible. 

Changes some of my answer below, but here would be most of the types of transactions you would have in these accounts and between them.Property transactions would be: all property specific rents and expenses, allocated expense transfer to the master LLC and transfers to master LLC bank account for profit AND/OR property management fee.Master LLC transactions would be: Shared expenses going out, reimbursements/transfers from properties for their allocated share of those expenses coming in, the transfers from your properties deemed as profit AND/OR property management fee and then transfers to your personal accounts deemed as owner distributions.Other transfers that could occur is if the master LLC needs to transfer to the properties for capital expenditures above and beyond the reserves you might leave in their accounts.

Hi @Krysten Zarembski I'm an MTR owner and co-host in Dallas-Fort Worth and Waco, TX!