How much “control” are you willing to give up? 

These I have found are real, striving parents, working their butts off to provide the best housing and school system for their children.My ethos in this approach is exactly why we at LaPlante refer to them as Residents, as we consider "Tenant and Landlord" to be dated terms and rife with negative emotion.

They also are thinking of getting a different PM to manage it after they can gain back control but would like advice on doing so.

You are controlling significant assets with little money and using the revenue they generate to pay for them. 

Neither VRBO nor Airbnb are vetting guests, either.The best you can do is have some internal controls, such as minimum number of nights.

It means instead of having one or a few things that you have NO control of what so ever, you now have several things you have NO control of what so ever.

The losses would have spiraled out of control for me had I not been able to sell my second house immediately.I don't look back on my experience with any regrets since I know the risks we take playing this game. 

Even large and small businesses with intangible residual services like TV, internet, security, pest control or the local contractor with remodels in process could fall behind on payments revenue contract. 

Which gives me much more control of the money/asset management than just leaving it in the market for alot more years.

Since you retain control of your money, how does one consistently maintain 30-50% cash on cash return?