Quality over quantity for me. 

Spending on expensive upgrades is not the answer to improve your tenant base in this type of area.Keep the homes habitable, clean, and safe. 

Buyers expect premium finishes, so skimping on quality can hurt resale potential.

I have known Matt for nearly 5 years and he completed a good, clean, and very appealing PPM for me.

Buyers expect premium finishes, so skimping on quality can hurt resale potential.

To reiterate, I don't need huge profit margins off these and I do want to offer quality rentals but they do need to make sense.  

One capex issue or tenant turnover is going to eat up years of "cashflow".I would advise you to work on getting a smaller number of high quality units rather than scaling to 20.

Hosts usually take 20%a good host replies to the guests quickly with clear check-in information a good host will troubleshoot thermostats, WiFi, and get the house cleaned and ready quickly for the oncoming guest.

I'm sure you'll get differing opinions but this sounds more clean and simple to me.

@Joe Gellenbeck Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a Class A property in Class D area, what quality of tenant will you get?