Property Managers are just like tenants: you need to know what a good one looks like, screen until you find a good one, understand your contract, monitor them, enforce the contract, etc.

Time would be the biggest variable.Assuming the same repeatable services will have to be provided for STR & MTR, that are not provided for LTR, the costs may not be that different.Taking care of lawns, monitoring & paying utilities, taking calls, etc.Some services will be the same, but vary in frequency: cleanings, resupplying amenities, responding to inquiries, bookings, granting access, etc.

After that we monitor interest over a 90 day period and decide what we want to do.

Planning on enforcing fines and using a camera to monitor the area.

Based upon your statement, "Naturally, my heart goes out to this individual" is indicative that you may let emotions trump logic.Forward to your PMC and monitor their actions to start eviction ASAP if tenant is behind.You can also direct your PMC to offer to let tenant out of their lease early IF they cooperate with showings.If they fall behind, you can direct your PMC to offer Cash-for-keys to regain possession faster. 

#5 is one I haven't done yet but have concerns about idiot tenants who won't replace the battery on the smart lock and then say they can't get into the home #10 There are now water sensor IoT devices that can definitely help monitor floods and have been shown to be well worth their while for anyone who owns apartment buildings as they reduce insurance premiums and help prevent huge water damage claims

In the beginning, we also handled this manually, but currently, I have settled on using PriceLabs and doing a lot of manual input and monitoring on a daily basis.With that being said, I have discovered that to be successful and get the absolute best revenue from each home, you need to adopt different strategies for different seasons.

I like the idea of WiFi so I can monitor how much it is getting used and the costs of operation. 

So putting the video game controllers up a certain way, arranging the basketballs and board games a specific way, having a power consumption monitor on that specific TV, etc.

The three most common approaches include:Cost approach: An estimate of the replacement cost less depreciationIncome approach: Calculation of estimated potential rental incomeSales approach: Uses comps of recent transactions on similar propertiesBe sure you are leveraging the tax incentives availableIdentify any applicable tax incentives available for commercial properties - historic tax credits in certain areas, opportunity zones, environmental sustainability, etc.Understand available tax deductions, credits, and rebates - Tax deductions decrease the taxable value of a property, tax credits directly reduce your tax liability dollar for dollar and tax rebates are a refund of taxes paid under certain conditions.Utilize a cost segregation study - Cost segregation allows you to reclassify assets into categories with shorter useful lives, therefore accelerating depreciation and creating tax savings.Leverage energy incentives and deductions - Look into the Section 179D deduction and how you can save on tax by meeting certain standards to make your property more environmentally friendly.Best practices for commercial real estate owners and monitoring their property tax regulations:Plan proactivelyWork with a professional to receive guidance on complex regulationsUtilize specialized software tools to drive efficiency and compliance.What questions do you have regarding property tax valuations?