I will say that even though you get the boost from VRBO and AirBNB, the first year of operation is usually lean as you build up the rep.Offering a discount on the stay is a way to be more attractive but don't go crazy.

This will create your new basis.From an operational perspective, you might want to touch up a few things on the place to make it more rentable. 

Landlords mistakenly ASSUME all PMCs offer the exact same services and operate the exact same way, so price is the only differentiator.So, the first question they usually ask a PMC is about fees - instead of asking about services.This also leads them to ASSUME simpler is better when it comes to management contracts.

I find it a great way to earn additional compensation as long as its a deal I like with conservative leverage and strong operators I trust. 

-The mention of syndication being less risky than HML...I'd suggest it is more risk, possibly much much more since you don't know whether you are good or bad at vetting the operator right now.

Mostly due to the fact my spouse and I agreed on her to have zero involvment in any sort of RE investing (and its our home) I think once you have a good 6-12 months of reserve cash (operating expenses for your own life saved as a back up incase things go bad) save enough liquidity to get the ball rolling on your first invesment.

And having some operating income is ideal but not necessary if I expand through HELOC and refinances.

Rarely do they like such units being operated in such way.

In my opinion, even if you partner with a local PM company or turnkey operator your returns will drop significantly.

Partner up with money partners and you be the operator.