Electing to use a PM is not related to the rental market per se, but has everything to do with YOUR time, management style and in some cases State requirements for an onsite manager.For example, in Calif, 16+ units must have a resident manager. 

Some of these things won't cost you much, but your guests will love them.I would go conservative on interior upgrades...just make them comfortable and things that a fishing crowd might appreciate...I would not focus on the finishes per se.

I wouldn't ask the potential tenant for bank statements per se... but I would ask for a few paystubs as I would with all tenants. 

There will be more taxes on SE income, more years of stable income to get qualified for a mortgage and not always your results will be stable when the market change.

We do not monitor this per se, but would address it if we learn--from neighbors, others--if it is violated. 

It's shameful what some absentee owners have done to sections on NW/SE Roanoke and I'm actively trying to buy several SFR's off of local landlords who have neglected to do any maintenance for at least 10 years. 

@Cody McCraw I'd be curious to hear your thoughts on buying in NW and SE Roanoke for rental income.

Review this IRS link, it will help you understand what type of income considered self-employed:https://www.irs.gov/businesses/small-businesses-se...

I've not had a mentor per se, but have relied on many various veteran note investors to fill in the gaps of my knowledge base as I figured out what I needed to know as I proceeded on a deal of so. 

I do however live in CA but invest in the SE (FL) so I will say some thing are a little different in that area as he mentioned.On the insurance it is high in the SE due to hurricanes and sink holes but not that high usually.