The #1 reason that Landlords fail, according to the American Apartment Owners' Association, is the landlord's failure to manage to the lease.  

Sounds like with are under charging our owners by thousands of dollars or they are trying to rip you off.

As a new owner, you should confirm if you can raise the pricing on the rent, and do that accordingly to the laws.

Decided on Belize. 

We I purchasedthe property, the previous owners updated the plumbing, adding HAVCand updated the electrical.

If NY is where you decide to be I would strongly recommend connecting with @Mohammed Rahman he is who I would use. 

Nate @Nate Marroquin   You can use the income from your tax returns on the current rental adding back your paper loss (depreciation) and add back the mortgage interest, property taxes, home owners insurance deductions on your tax returns. 

Owners are unloading their STRs due to over saturation in this market.  

In the end, you have to decide the cost / benefit / risk / reward of doing one makes sense in your situation.COST - You have outlined some of the costs, but not all. 

Here’s an example, I just took a trip across the country, and decided to visit some “popular“ OOS investment neighborhoods that are promoted here on BP.