The key to rent-by-the-room is establishing clear house rules so everyone knows how to get along, clean common spaces, and how to resolve disputes.

Kept getting promised last year to get a "sizable" payout, but 2nd quarter. 

If so, finding the right PM is key—I’ve managed out-of-state rentals, and a solid PM makes all the difference.Best bet is to get referrals from local investors rather than relying on online reviews.

Ended up getting an offer at asking, but the appraisal came in way lower than I expected.

So, how is a TurnKey provider going to get higher rent than the market?

Yes, you should ask about wind insurance as we do get wind damage occasionally from hurricanes although it is far milder than the coastal areas. 

Great to see you getting into real estate investing!

Family businesses can get sticky and there are often false promises.

We have yet to get to get contacted by the appraiser. 

@Gopi Goswami welcome and congratulations on getting started!