They are all cash flowing pretty well but my return on equity is pretty low and I don't want to increase my debt exposure right now.

Con is you can get siloed into just learning one part of the business and doing all the grunt work without really getting broad exposure. 

This strategy provides exposure to the real estate market without the hassle of property management.

An umbrella will not automatically cover anything especially if they're unaware of the exposure.  

., and truly operate the way it wants to but it's a way to buy cash and not just have an LLC at full risk exposure.4) And now a 4th, I'd be careful working with agents.

Cash doesn't have exposure to interest rates. 

The extra exposure as well as having a dedicated revenue manager usually offsets a lot of the management fee. 

We are on 15 channels + so market exposure with not only Airbnb/VRBO/our booking site but also on Marriott Homes & Villas, JetBlue Airlines, Allegiant Airlines and soon Amex Travel and Hyatt.  

Are you just looking for RE exposure or are you wanting a blend of cash flow and appreciation?

Maintain a strong physical presence at your job sites ensuring dangerous conditions do not exist or are remedied quickly to avoid premises liability exposure.