The guarantee of getting paid and a high hourly rate would be what would entice them to use the hourly rate structure over a commission structure.  

It takes the pressure off as deadlines approach and gives you room to solve unexpected issues.

., property management companies aren’t legally required to carry general liability insurance, but it’s highly recommended for protection against bodily injury or property damage claims.

I also see your point about avoiding bargain basement properties, especially insofar as tax shielding is easier with an asset of a reasonable size.Your point about barriers to entry is also interesting, since I suppose those barriers can be geography (natural boundaries of mountains/water), but you're probably referring to that which impedes future construction?

Where I have seen "open concept on the way out" is in the very high end properties.  

This was a highly successful transaction.

I would highly recommend getting your license for property management, and/or realtor.  

BiggerPockets also has a calculator to analyze deals, and I highly recommend you start this as soon as possible, even if you are not ready to buy.

I paid about $1,500 for the installation of a high-quality 4-security-camera system, which can be monitored by both the tenants (and you!)

The other quotes I received were often unreasonably high compared to other properties in my portfolio—sometimes exceeding my current carrier’s increased rate for this property while offering less coverage.