Borrowing from the equity must be done wisely or you will end up with negative cash flow and at high risk due to over-leveraging.NOTE: I use interest rates much lower than they currently are in 2024!

I do not know your current situation but house hacking is a great way to get started with real estate investing.

I am currently in Los Angeles on a high salary. 

The current regs pretty much don't allow NOO STRs to be operated in any residential zoning.

Your current price around $2200 has you competing with full service buildings with amenities. 

I will get the Title V inspection done to know the current condition of it and then decide.

What’s a realistic IRR to expect on a long term rental in the current market?

Currently, I find myself in a situation where a significant sum of my cash is held up due to complications between these entities.

You should only consider switching when your current software has a significant flaw or lacks features that force you to spend excessive time on workarounds.

But with the array of services and fee structures current property management companies offer, it is entirely possible to pay an extremely low management fee and still be “fee-ed” to death as both an investor—and now even as a resident.Over the past 15 years, the amount of managers and fee structure variance in our industry has been incredible.