There is so much free content out there that can teach you about guest services, software, vendor management, and so on. 

Risks: rates go down and you have to pay a prepay of 2 or 3 %; you have to sell and pay the prepay; rents decline & you can't make the payment like any other type of loan; cost upfront a little more than conventional; need to find experienced broker licensed in the state where subject property sits; servicers are bulldogs. 

I'm using Minoan to furnish a luxury STR and it's been incredible, and I am actively trying to find a way to better leverage their service. 

You will have to pay an annual fee for this service, but it takes the repairs and Tenant requests off your plate. 

When I looked into IRA accounts, I found that it didn't do service to my situation.

We service the entire coast and consistently plan efficient physical and remote tours encompassing several cities or regions. - Property Management: No STR can be successful without quality cleaners and management.

I have read I will need to use a third party service to make this happen.  

I like the tub (it wasn't cheap, about 12 grand) but there's not great service options where I live and not sure if I would get it again since I mostly have to take care of it. 

The second company had a PM contract and due to other reasons we did not continue their services after a couple of months so tax stuff did not arise.

I suggest using a service like Mayistay.