I have experience managing this on multifamily properties as both an owner and a lender.

As more people placed more properties in STR inventory, and as more municipalities taxed and regulated the industry, the profitability of the overall industry has reverted to a much more aligned (lower) risk adjusted return.  

A lot of investors who succeed in EC know the tenant base very well and a lot of them self manage.

And a SUSTAINABLE approach to rental property ownership. 

It was a 50% of one months rent and a $100 increase in rent. 

I don't really have much to add to the discussion other than to say make sure the property you're interested in buying works both as a STR and a LTR.

With patience, resilience, and a willingness to learn from experience, you can overcome these obstacles and set yourself up for success.

Knowing your current state comps is a great place to start and a real estate agent can help pull those figures quickly. 

I am not a PL user but I do have pricing software and a revenue manager. 

I had similar with duplex and ended up having to foot the bill but it was determined the break was on my property and resolved with yard excavation and a fat repair bill.