PM fees are high, exactly because so much work is required in managing STR.  

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?

You can also expect increasing HOA fees, and there may be some problems renting a property inside a difficult.You don't have any experience, prices are at an all-time high, and rates are also high. 

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

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

This was a highly successful transaction.

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.

., 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 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!)

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