Late December rents are ~$250/night (weekend and weekday are virtually the same with New Years Eve being highest).The prices our PM sets results in very few vacancies. 

The government pays part of the rent and tenant is responsible for part of the rent - the ratio is determined by the government.Pros - government guarantees the rent and depending on the situation, the rent checks are virtually automatic and like clockwork.

@Mike TerrySelf-directed IRA funds can be invested into virtually anything except collectibles and life insurance contracts.

No doubt I would hire this out to a property manager, which I've been told to estimate 8-10% of revenue.

They do all try to hire my contractor, but we get along great. :) I've even gotten phone calls from the local neighborhood watch/council/groups, they are grateful also.

If I were to get a 6th VR I'd feel I'd need a 20th VR and I'd need to start hiring lots of folks to avoid using a PM.

The issue is that the initial cash flow is lower than most locations (and much lower than the virtually 0 appreciation markets). 

If I am planning on hiring a sub, I make the line yellow however I budget this myself.

I am thinking of hiring a virtual assistant to run the show on this side of the table so I can focus on sales. 

If you can't bring yourself to do it or don't know how to do it, hire the attorney and let them do it.