Why do you need a property manager to manage a long-term renter who lives near you on a new construction home with a builder's warranty and no cap ex? 

To start real estate investing, learn deal analysis, and understand key metrics like cash flow, cash-on-cash return, cap rate, and gross rent multiplier.

And what is going in cap rate?

Before maintenance/cap, insurance, misc 107% of rent. 

Although they can't leverage the losses to offset non-passive income, like someone with REPs, there's still the opportunity to use the Suspended Passive Activity Losses to offset cap gains on sale or offset other passive income.

Try not to have your PI payments exceed 50% so assuming 50% expenses and short and long term cap x you might be safe.

Quote from @Clayton Plummer: @Rob JoonIn your previous comment you said that Saugatuck city has a STR cap, but it was in its infancy.The township does not have a cap though? 

What are typical CAP RATES for the area?

Homestead exemptions are for property tax and 1031 is cap gains/income.

We aren't zoned for a campground or RV park nor do we want to pursue changing the zoning to that, but keeping it low-key and low-density it doesn't attract attention, nor are we putting massive cap ex into it.