I would also consult with a certified cost segregation specialist in terms of classifying other assets into their appropriate class lives.

As long as one of the owners is local and can handle things, I wouldn't get a PM. 

It would be a long term hold before you could get your money back.

He asked if this was ok prior to doing it and we said yes as long as there was no pooping in our yard.

Some non-HOA neighborhoods can be sketchy/not ideal for short-term rentals.

Cohosting and learning the basics of property management will go a long way in comparison to trying arbitrage. 

What often happens in more of a "I have a client that would be willing to sell at ____ terms/price but he doesn't want to formally list the property, does anyone have a buyer for something like this?"

You'll likely end up paying short-term capital gains taxes if you sell within a year, which can be pretty high since it's taxed like regular income.So, before diving in, make sure you have a solid plan for these scenarios.

That's why I've stuck with Turno this long. 

Might have a few options for full leverage there, but if not, likely sitting at around 65% LTV on anything long-term/DSCR