We are not putting up capital, just handling all development/build planning and operations.

Even really skilled operators are left with no back up plan because they can't pivot to LTR in that market, can´t fetch the price they paid because the STR has lost some steam and was bought using nightly rate numbers etc.

I don't understand why they operate this way.

I’d love to hear more about how you approach finding these under-$2M properties and what strategies you’re implementing for operations optimization.

Look into contacting some builders that operate larger scale in your area.

While I don't believe that you need a full blown business plan, strict operational budget, timeline, scrum board, etc...

No one is going to come to your door stalking you, but feel free to pay a few grand a year to "hide" your identity that will be able to be found in 15 minutes or in a request from the tenant if they request ownership of the LLC or the operating agreement to understand who they are signing a lease with.

We’re looking to install a property management firm within the organization as a way to generate steady income and keep operations running.

This level of professionalism becomes second nature.Frankly, when you come from a corporate background and you enter REI you are shocked by how primitive most "investors" operate.

If your leasing application process is thorough and well thought out, and if your lease agreement has been well drafted by your local attorney and if it includes clauses that permit you/your property manager enough latitude to maneuver and anticipate undesirable tenant behaviors, both actions and inactions, and you have operational processes which align with enforcement of your lease, then you've done all you can do to reduce this inherent risk of an undesirable tenant.