I attended a special council meeting last night on the topic.

There may be plenty of specific scenarios where rents hiring property managers for rents under $1000 per door works, but as a general guide I think it gets a lot harder to make the numbers work below that because repairs etc. become proportionally larger too.If the rent is so low that PM minimums apply then in general 1) this is exactly the type of unit that requires PM specializing in those units.  

I leaned doing business in Texas everyone surveys before closing. out in the west we rarely do that unless its acreage or some other special circumstances we simply would not have enough surveyors to keep up with resi transactions in a timely manner.. but I can see in Texas were the land use rules and no building codes or lax ones and no licenses required years ago.. that you need to do this.. you opened my eyes on that one. 

In theory you could also recover 1/6th of the CAM costs, too, but in my very limited experience with mixed use, the first floor commercial could very well push back on that, since they very well may not be utilizing almost any of the common area, depending on building layout.CAM would come from any number of places, commonly:Cleaning and utilities for any common lobby.Window cleaning for the buildingParking lot maintenanceLandscapingCommon HVAC maintenance, i.e. if a single furnace heats multiple spacesUltimately, you will want to be talking with either a commercial leasing agent or an attorney that specializes on commercial leases.One thing to note, while NNN leases are generally great, there is certainly work for you on a semi consistent basis, in creating the monthly escrow amounts and annual reconciliation.  

@Tiffany Tran This question seems pretty location specific since every municipality has their own rules, I would recommend reaching out to someone who specializes in Philly, or perhaps posting in the classifieds asking for legal help in the Philly area!

So regardless of how ridiculous it is in your mind that I believe prices could drop by 40%, please, step off that horse, place your ego on the special shelf for special things, pull out your 'crayola font' for this one and explain as if you were explaining to a '3rd grader'.'

I have spent quite some time learning, researching and preparing for my first Short Term Rental.

It sounds cheesy, but the best way to prepare is to work with a friend or two and role-play.

Never run to the back of the room for the special.

For the management of the renovations, I've come to realize that this is a service provided by many property management companies regularly, included with the regular management charge, so nothing very special there.