GPs will be responsible for the bulk of the work required to make an investment work, LPs will be primarily responsible for only capital.

Monitored local listings and worked with agent to negotiate.

If you can get owner financing with your GPs holding the note you may find yourself in a sweet position.As far as nightly rates you could try AirDNA.com.

This is one the ways to monitor that.

One can certainly minimize that expected cost by properly screening, having local eyes on the ground, monitoring etc.  

I monitor rents in the area based off online reference and compare to the zillow and rentometer estimates.

Mine are in a third world country so for $4/hr they’ll set door codes, message (or call) guests, schedule cleaners, adjust the thermostat, monitor my cameras, call a plumber, etc.I too often spend around $99/mon per property but I can’t imagine you’d get the same level of quality & service that I do for that $99/mon price domestically

Remote Device that monitors Noise Levels within the STR Unit and sends automated messages to Guests when Noise Levels exceed a certain threshold.

Leaving space to monitor water intrusion means you have failed to remedy the issue.

There's usually some good locals monitoring those and I think you'll get some good responses in the Kentucky forum for specific recommendations.