INstead of just saying "no" we asked them to check with their credit card company if they offer travel insurance yada yada.. we got a 5 star review form them without giving a refund.

Commercial properties can be lucrative, but the financing/underwriting required from lenders is generally more "conservative" relative to residential and usually have higher interest rates (unless you have a "rock star", long-term commercial tenant in place) and generally require more equity from the borrower compared to residential.

Frankly if the neighborhood is sketch, you are begging for 3 star reviews and failure.Run the numbers on a LTR scenario or maybe a MTR.

No need for a PMS with only one.AirBNB and VRBO can handle things for you.In the end you won't save much time with only one STR.Plus, personal correspondence really works well to boost those 5 star ratings. 

Don, is there more insight into what happened with the 2 dogs vs the 1 star? 

Now were all standing on a field with cricket bat's and starring at some wickets wondering what the hell is a wicket.....

For the first few reservations, I would put a lot of focus on bringing in good 5-star reviews.

I get the frustrations of laundry and especially losing expensive luxury linens that gain 5-star reviews and very happy guests.

Airbnb and Vrbo will expect your rental to get 5 star reviews, to them anything less is a bad review. 

I see a lot of 1 star reviews in your futureYou don't need a plumber, just get the PM company to send a maintenance guy.