Lots has changed over the years.Managing it yourself from a distance can be done, but it will require your team to be built and for you to have back up strategies if guests need attention and you're unavailable. 

This is going to vary widely depending on the strategy and real estate asset class.

@Fulati PaerhatiA 1031 exchange is a powerful strategy to defer capital gains taxes and grow your rental portfolio.

We never set a flat fee rate just out of a whim, or price strategy, it's part of the operational strategy which is different, as it's all about efficiency. 

Looking for any input or advice on how this strategy actually works.

Nightly rates: Yes, but the benchmarks should also be lower.Year 2 turnaround: What strategies could we implement to project a higher ROI in our second year?

To adapt, focus on refining your ARV and repair cost estimates, explore off-market deals, and consider creative financing strategies like seller financing or partnerships.

Thanks @Robin Simon I plan on reproducing this strategy in 2025 to buy 3-5 more. 

As a property management company in Washington, we help owners navigate these challenges and optimize profitability if they want assistance analyzing their property or planning future strategies.

RE is always changing and if you have only one niche then well your limited in opportunities and subject to the conditions that exist at the time for that strategy.