Be sure to pay attention to anticipated ARV and max LTV on the refinance, as well as seasoning requirements - this is where I usually see people run into problems.

They take good care of the properties, but there's not enough attention given to pricing strategy and they spend money like nobody's business (not a problem when they were spending their own money on the master lease model, but a BIG problem when they were suddenly spending OUR money as the PM).

@Bruce Lynn That's a good point and is something to pay attention to for sure.

I'd have the PM send notice to the tenants that it was brought to the owners attention and they've waived the fee and thank you for being good tenants.

The following are the key items I would recommend investors pay attention to:A. 

I wanted to drop this message in the hopes that I get your attention and we can get on a call. 

I pay attention to local amenities like shops, parks, and restaurants, because they make the area more appealing to tenants.

A few clients or properties can suck up all of our time and attention and ultimately, prevent us from taking on more business. 

Nothing else is worth your attention or time.Best...

Which would make most BiggerPockets readers happy as there are probably many more who own STRs than hotels.