I recommend you read some books about how to manage properties well, use a strong contract, know that contract inside/out, know your state law inside/out, build policies and procedures to catch and stop problems quickly, know how to screen and select good applicants, etc.An ounce of prevention is worth a pound of cure.

It will be self managed, I will be near the unit (less than 5 mins away) to clean and take care of any issues.My numbers:Approx Value of Home $240-280kCurrent monthly cost / $860 mo (mortg,ins,tax)Utilities / $250. mo (elec,gas,water,trash,internet)Cost to run as AirbnbApprox monthly cost with STR insurance ($250/mo?)

Our efficient project management ensured the renovations were completed on time and within budget.

Local vs out of state can mean finding a good PM in both cases or managing the local one themselves.Starter homes are usually good.

Here is our experience:  There is considerable potential to manage a yield-bearing asset, but as @Alice V. mentioned, insurance costs have soared, to $1,250 per door.  

Although no major renovations were needed, our effective negotiation and rapid transaction management significantly increased the property's market value.

The main reason to prohibit subleasing is that you lose control over how the property is managed.

How are you going to manage the place and can you be certain you will be able to get the tenants out in 2-3 years with the current laws in WA?

I still own a few in parks, so I think it could damage the relationship with the manager, but I'll cross that bridge when I get to it.

Hi Shakil, I'm a Realtor and Property Manager in Huntsville AL who specializes in working with investors!