ALWAYS have written tenant screening procedures that comply with local law. 

My recommendation is to find a landlord attorney who is also very familiar with property management process and procedure.

I think this is the gift and the curse of a still emerging asset class (short term rentals) - as it becomes more "institutional" i.e. more like commercial real estate with more sophisticated buyers then financials and systems for this will likely become more streamlined and stable, but we are still in a place where the buyer pools are more newish investors or typically residential basic investors, so not has experienced or sophisticated evaluating investments based on a detailed financial analysis like more seasoned commercial investors likely would.anyways, just a guess on what might be going on here

3) Recommend getting a HELOC for emergencies, after PMI removed, but don't use it for investing until you start saving money!

Those companies will die out and the emerging ones who lead with quality sourcing/underwriting & have real estate experts at the helm will grow the market in my opinion. 

Make sure you have funds set aside for an emergency, if you have personal debt, try to eliminate as much as possible, understand what your personal balance sheet looks like in regards to monthly cash flow and net worth.Investing in real estate is investing in a business, and you need to have a good understanding of your financial picture before you begin to buy a business.I would then focus on what niche you want to start with.  

.- All windows and doors must be fully operational in the event of an emergency and be able to lock for resident's safety.

Let’s say he puts 25% down (150k) and parks the remaining 50k “emergency” in HYSA earning a few percent net of tax on traditional.Just take (450k * 6.5%) - (50k * 3%) and compare it to 400k * 8.5% (scenario AIO). 

OP  Stuart is highly experienced in Philly I would listen to what he has to say as well as Chris.this is pretty standard from what I see in big cities.. its why i will no longer build in the City of Portland.. every building permit application comes back with a check sheet EVERYONE its standard procedure i think for these large municipalities..

Educate Yourself ContinuouslyMarkets change, financing options evolve, and new regulations emerge.