When you select the next tenant I would certainly ensure that you have your eyes on the applications that are coming in, and ask that you are involved in the decision making process. 3x income, clean credit and background checks should be a minimum for approval, even if it takes a month or so to find someone. 

It's been a good experience, very eye opening for me as well as financially nice, and of course, there have been unexpected issues (ie, no matter how sad a situation seems to be, have a 1 strike late payment policy!)

Perhaps hire the PM as a second set of eyes for quality control but that should be in addition to the GC you should hire from day one. 

Keep an eye on the trends in FL at this moment as well, especially in hurricane season, with home insurance.

The worst of them refuse to make repairs to 100 year-old buildings, creating a slum lord problem and giving all of us a bad name in the eye of the public.

Performance Tracking- Monitoring Metrics: We keep an eye on key performance indicators to find areas for improvement and make adjustments.- Managing Cancellations: We review cancellation patterns to minimize future issues.While managing short-term rentals may seem simple to some, it can be a lot of work behind the scenes to ensure every detail is optimized.

STRs in their current form are simply big hotels, and legislation has been slow to catch up because in their original form they were more conducive to residence (someone crashing on your couch for $39/night).  

In short, mix-use development requires a close eye on underwriting.

@Tasha SmithI would keep an eye out for any upfront fees as I would be very cautious to pay those. 

Even if it's at list price, it makes the deal so much easier in the buyers eyes.