This isn't analyzing deals, this is just playing a video game.

The STR part plays no part in the valuation like @Patricia Andriolo-Bull said.I agree that 20% is pretty fair, but you could self manage it once you get things in order.

Money makes you happy only so often.But a good place to work keeps you happy every day you show up.Yes, 𝗺𝗼𝗻𝗲𝘆 plays a vital role.But 𝘸𝘩𝘦𝘳𝘦 you work?

That can play a big part when issuing terms. 

I am also curious about when/how an attorney/legal involvement comes into play with this.

This plays into the affordability issues for tenants by allowing them to live in nicer neighborhoods for less money, yet I get monthly revenue comparable to short-term rentals.I have also shifted my focus to buying better.

You have to value your time, leverage your skills, and execute a long or short term play. 

It’s stable cashflow and long term appreciation and tons of accelerated bonus depreciation on taxes. like most anything in real estate it’s a long term play. 

You can play around with how much you want to take out.

You just have to do a LOT of homework and play by the rules.