If you not tied to a specific location, the Midwest would also be a great place for STR without paying California house prices. 

My mentality is that if I get one actionable item, it pays for the course. 

One must register the vacation rental unit, pay applicable fees, submit a current license as a Transient Public Lodging Establishment (“TPLE”), and provide other required information.

Make sure you pay attention to the comps to see how you need to rehab your properties. 

When will they pay you and provide reports?

They are still paying but very late each month, so I'm afraid of them becoming no-pay tenants down the road. 

Just pay another agent to show on your behalf - easy.Here is the ironic piece.

Should I require both of them to pay application fee or only one fee?

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If you do pull out money from the HELOC, have a plan to pay it back within 18 months.