If this become profitable enough for us, I will start looking at quitting my day job to dedicate to our business full time. 

@Didier Bizimungu - There is a whole chapter dedicated to this in the book.

Thank you in advance for dedicating your time to my post! 

I always want to evaluate what I'm doing and how to do it better but not always necessary to dedicate time for daily planning. 

Dedication, baby. 

It all depends on how much time and resources to dedicate as well as your tolerance for risk if you are a guarantor or Key Principal in a deal.

We also bought another one in August of this year that we will be moving out of in March and it will become our 3rd vacation rental.So I use QuickBooks self-employed to track my first rental and I have a bank account dedicated only to that property.

THAT shows their dedication to keeping their job and having money to pay their rent.If you leave at 6 on the dot, there is nothing wrong with that.

I think your vacancy rate and management expenses are also optimistic considering the makeup of the units (only one unit has it's own dedicated kitchen, the rest are ~200ft2 studios with their own bathroom, sharing a common kitchen).

I travel there more than I should and never thought about the short-term rental market until now.My biggest concern is always the permitting/compliance when entering a new state/city but they have an entire page dedicated to it so that makes life easy.That being said is there anything that a "non-local" should know about besides the regulations?