Are there specific steps or systems you follow to ensure it’s done correctly?

You can identify good cash flow opportunities on a fairly large scale. 

We lived in the property for 2 years and rented for 2 years to tenants, so by selling now, we ensured that we could avoid capital gains taxes.

Our main goal is to ensure we’re properly protected.Additionally, should we allow pets in our STR?

For example if you were to exit a new build in 5 years there may be no cap ex cost (i can think of few cap ex items that does not last 5 years - maybe carpet in class c and lower), just maintenance costs which would be fairly small.Best wishes

But a tenant may, so the insurer provides coverage for a rental that you wouldn't have in an owner-occupied home.It's important you be very honest with your insurer about how the home is used so they can ensure the right coverage.

We're priced somewhat above a fairly new Springhill Suites about 4 miles away. 

As a licensed real estate agent and contractor, I speak the language and can guide you through the process to ensure everything runs smoothly.

Class C: These apartments are typically over 30 years old and are in fair to poor condition.

Let them know your strategy, your goals and what your business plan is to ensure that your business plan aligns with theirs and you can both work towards the same goal.