I completely agree that luxury rentals need to offer more than just aesthetic appeal; they need to resonate with tenant expectations and justify the premium rents.

What are tenants expecting in terms of updates?  

Ballpark, I'd probably expect between $1,000 to $1,500.

Some owners expect their PMC to actually be a personal assistant:(How did you set expectations for this client when onboarding them?

Expected sale price?

We've found that expecting the resident to pay for these is customary, expected and actually increases the likelihood that a resident completes their lease.

While I could have gone lower I am lowering my risk tolerance because I expect a recession in late 2019 to 2020.

@Nathan NoorlunRecommend exploring as many sources as possible to get referrals AND cross-reference them to get as much accurate information as possible.Check out NARPM.com, BP’s Property Manager Finder (BiggerPockets: The Real Estate Investing Social Network), etc.Also, encourage you to learn from the mistakes of others - by reading posts here on BiggerPockets about owners not having their expectations met by their current Property Management Company.

Communicate expectations upfront—because once they start double-parking or treating the place like a frat house, it’s game over.Cameras, Cameras EverywhereYou’d think adults wouldn’t steal each other’s food, right?

I would imagine that the hotel marks up their rates to use airbnb a little to offset their service fees, so the net is pretty close to what you would expect.