Collection is on time, they address repairs promptly, leases get renewed and increased based on market research.

The property before the 1031 exchange was collecting $1600 a month rent.

Also, some places like CA and MD have very tenant "friendly" laws (against the landlord in some cases) so make sure that you know the laws and if possible, have an attorney or service to collect overdue rent and/or eviction as needed. 

They charge and collect the late fees you might let slide.

If you elect a PPP shorter than 2-3 years in most cases, the lender is simply going to collect that fee A) upfront as points rather than as a PPP, or B) with yield, meaning a much higher rate.  

Yes, unlikely, but there is a chance to collect. - They have a working relationship with the court personnel, which always helps. - They know the process cold, so shouldn't make a newbie errors. - They are arms-length. 

In the end my buddy and I nearly broke even after we included the monthly payments that we collected.

Consider Autohost or Hostfully both offer robust guest verification and deposit collection, tailored for professional hosts.

And STRs really help because you don't have the large dings that long term rentals have - i.e tenants damaging the property to where you have huge make ready costs (the str insurance covers that), no collections or evictions issues. 

CA will want to collect the portion of the tax due while the property was in CA.