They hear from me once a month when they receive their statements and they hear from me if/when there is a non-emergent issue beyond $500+.

I warn all tenants who give me whatever story on why rent is late or going to be late, that they will be getting a POQ notice on the 3rd day and a late fee on the 5th, I don't care if it's because their employer burned down or thieves stole all their money or their grandma needed an emergency appendectomy.

If damage is done or a repair is needed that exceeds a certain amount (eg $500), the PM contacts me to get my approval (unless it is an emergency and they deal with it and then contact me). 

Fast forward to end of Jan 2024, we find a new set of tenants who sign a 1 year lease but break the lease in May due to a family emergency.

Personally, I maintain both an emergency fund reserve and capital improvement/major repairs reserves. 

And sometimes dangerous, as I landed in the emergency room twice from rehabs, once from drilling straight through my finger. 

How much capital is good to keep handy for repairs/emergencies?

A plumber was scheduled for a service call on May 31, but the call was rescheduled to June 1 due to an emergency call.

A short term rental requires quite a bit more effort than a long term rental including quick response to all guest communications, managing cleanings after every stay, keeping on top of maintenance (emergency and deferred), marketing the property on all major OTA sites (i.e.

Family emergencies and unexpected illnesses all can come to pass.