Not sure how you believe they could control their cash flow. 

Assets identified in this study include:Appliances: Dishwasher, microwave, oven refrigeratorInterior Finishes: countertopsFurniture and Fixtures: shelving, built in cabinetry and decorative light fixturesSpecialized Equipment: Electrical systems and specialized wiringHVAC controls and specialized components63.6% of the total depreciable basis was classified as 39-year class life.

@Aleksandra DrovalI'm not sure what statistics you're looking at but everything I've read and heard shows exactly te opposite, that hotels are losing to Airbnb precisely because of the experience.

Since you can't control the sale price, you basically have a $4k cushion to your reno costs, or otherwise you lose money compared to the as-is scenario.

I don't remember the precise words, but essentially he claimed that there was some sort of standard rental agreement applicable to the area and he could not (perhaps in reality would not) add anything to it at all, which struck me as oddly questionable.

.- Since we're not really in full control of the property, the Hold Harmless also indemnifies us against anything that goes missing at the property and squatters.We get asked/told to do all kinds of crazy stuff by owners, who either don't care what happens to us or haven't really thought everything through.Hope this addresses your question.

Single family homes are exempt from rent control when privately owned.  

I do agree the lack of control is a potential issue.  

You have more control over the timing.   

Unlike some states with strict rent control and tenant protections, Memphis offers a straightforward eviction process and fewer restrictions.