Like - in a down market, they can reduce your assessment - but, the rate goes up.

Within the first 3 months we only had 1 paying tenant and no one wanted to rent from us even at a reduced amount, but we were getting a lot of applications and people were paying the application fee whiched helped us pay our mortgage.

You can't put a property under contract from the first phone call in reality because there is always in-person due diligence being done by someone, often to reduce the price of that first "no-look" offer.

Within reason, extend that across all appliances... an old and loud energy inefficient air conditioner isn't really going to hurt you (beyond statistical noise), and a new energy efficient one that's quiet isn't really going to help you (beyond statistical noise).

As it builds, it reduces the value of your cash, PV and equity. 

How can you go about reducing/mitigating those factors? 

Obviously more time and energy, but potentially lower risk and better project controls.

They PM will pay for themselves in reduced heartache and stress on you while increasing rent to what it should be will more than cover their fees.

I think the question is more of a personal decision and whether or not someone has the time, energy, and resources available to setup a business, learn the inner-workings of the industry, and constantly reevaluate how you can improve.

This project has taught me a lot about Solar, energy efficiency, thermal envelopes, and different types of insulation.