It's playing with plutonium.

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.

Columbus is going to be more of an appreciation play and cash flow margins will be tighter in the beginning. 

That can play a big part when issuing terms. 

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

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

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

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?

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