You can specify blackout dates when the property is not available for rent if you wish to use it personally during certain times of the year.Legal and Regulatory Compliance: The management firm will ensure that the property complies with local laws and regulations concerning rental properties, including obtaining any necessary permits and adhering to zoning laws.Maintenance and Repairs: Property management firms often take care of routine maintenance and emergency repairs, ensuring the property is well-maintained and ready for tenants or guests.This arrangement allows you to enjoy your second home for part of the year and generate rental income when you're not using it, with minimal effort on your part.

Are you talking about permanent movers, or those on vacations of some sort, or people who are temporarily to be housed due to an emergency and then intend to move back to their old stomping grounds?

It's enough set aside for an emergency but very far off from buying a house.

A couple things you have to consider with rental arbitrage is that anything that breaks in the house is an emergency for you, but not your landlord.

As well as having enough cash reserves to handle the repairs that will come up on an emergency basis , such as a new roof, or a new furnace in February . 

Following cashflow trends in emerging markets can allow you to meet your goals much quicker, even if that means getting a bit out of your comfort zone.

I gave it to them so that I would know how to contact them and to get emergency contact information.

Again closets have nothing to do with the legality of a bedroom.If your emergency egress window is below grade you will need a window well of at least 9 sqft and it must protrude at least 3' in out from the basement wall and allow the window to fully open. 

I opened a new host account to handle guest interactions myself, hired a local handyman for emergencies, and found a cleaning person who could also act as my eyes and ears for any required handyman services.

I have one myself that I use mainly as an emergency fund and occasionally to take advantage of an opportunity that pops up.