This allowed us the opportunity to observe how the tenants interacted.

Another tip:  Spend a day observing in eviction court.  

It's observing all the constraints (project type, budget, familiar building materials/techniques, site, codes, etc.) and organizing them into a design strategy.

it is dirt easy to set up a corporation , what is more important is the explanation of how to run it so you observe all of the corporate formalities to avoid a piercing the veil lawsuit down the road. 

We don't know when you bought these properties, why you bought the properties, and how you used them during your holding period.I have only given you my perspective as an uninformed casual observer.

My personal observation is that most of our owners announce sales without advising us of their intentions.

If one is observant of one's market, one will quickly figure out what the market can/will support in terms of a normal nightly rate.Now, your point re: scaling to time is certainly valid - maximizing income will come with doing the research and learning what prices work in which timeframe, and adjusting accordingly.  

This has also been my casual observation.

I'm going to throw my opinion and real life observations out there, please consider it my view of the world as it is, not as I want it to be...15-20 years ago the easiest way to get ahead of the gentrification curve was to follow the artists and homosexual couples into the less desirable neighborhoods.  

I'm of the opinion that you maximize your learning and save a good slice of your margins along the way by being 100% hands on.While @Fred T. provides some generic numbers that do not reflect the Toledo property management market (again, my numbers come from actual experience with the local PM firms), I do think his method of going full-on with a PM first, let them get the first property setup, observe and then slowly taking the reins from there, as you feel comfortable, is another way to approach it.However, judging from the quality of PM I've dealt with in Toledo and knowing how much work I have to do to manage them, I'd still lean to going 100% hands on yourself.My opinion only based on direct experience.