People just need to have more insurance and legal experience to deal in this issue and you can't rely on your hired property manager.

One thing I think I would do is either hire a professional market research company and/or get a local high school or college marketing class to do market research and surveys to see if there is interest and demand. 

Hire a contractor or GC with clear terms for execution and completion.Secure financing early, whether through cash, private lenders, or hard money loans, ensuring reserves are included for unexpected expenses.

@Jae Yoo you should read your PM contract very thoroughly or even hire an attorney to do so, before thinking you can just break it.How would you feel if a tenant just broke their lease with you?

If your landlord wants more rooms painted, I would tell him to hire a contractor and I pay 3200.You can roll two rooms in an afternoon and in the end it's only $100 and at least you have someone who seems somewhat flexible.

Is this something I should hire a lawyer/other professional for or can I just do it myself? 

Many times though the investor acts as the GC and hires all the subcontractors.

It’s worth a look see, just do your homework up front before hiring the other professionals to make this happen.Good luck

I cannot be the designated Host since I am more than 30 min away and would have to hire a PM in this case which I currently am not looking to do. 

Most people who make a ton on Airbnb hire out designers, put in flashy amenities, and create a true experience.