At some point if your situation warrants setting up a business entity the type depends on what type of investing you are doing.

I agree with @Ivan Barratt and believe that those who insist on 30%+ discounts when they might not be warranted (cash flow is still there albeit slightly lower; relative risk is attractive, capital is looking for home) will simply miss the opportunity to invest/grow their portfolios.

Also, you will want to consider what you paid for the property and if it is enough to warrant a study.

But there were not many comps that warranted my selling price at the end.

That being said, they have a steady stream of properties to review and some of them warrant a deeper look.

But the PM aspect of a turnkey provider is a huge part of their value, so if clients regularly want to to ditch their PM, there are probably other aspects of the business that warrant scrutiny as well.Some great turnkey companies work in multiple markets, but be wary of those that sell properties in a half a dozen markets or more, because they're usually just marketing companies that advertise properties owned by other companies.

If it doesn't, the PM will then follow-up and collect the rent and pocket the late fee as compensation for the extra work they do.If you think this policy warrants a PM giving a fee break on tenants that are easy to manage, I don't think you realize just how razor thin the margins are on each property being managed.

The extra money I make during the summer months charging top dollar on the STR market is way too little to warrant the extra headaches if I did not enjoy hosting. 

Get them to pay for the repairs that you contract, if warranted.

Beware that most condos are non-warrantable, so be prepared for that if you choose to go the condo route.