Also, expect deferred maintenance.Your #1 concern should be, can you fix the problems the seller has or will you eventually have to dump the property also?

The allowed rent amount should be pegged to market rent, so it would only be way off if your unit is a way different quality or neighborhood compared to average. 

My wife and I used to do flips in this area, and I have a couple listings along with long term rentals I manage in the area..For the co-host, they typically do not handle permitting and other items like that (this can be agreed upon between you and the co-host.

That's not really a full story so it's hard to say, but generally, if you don't feel secure or confident in the person you hired, you shouldn't have hired them.

A STR is both a business and a real estate investment.Having little oversight on a newly formed business would make me anxious also.As others have suggested, you should consider going to the area for the initial items(Purchase, renovation, etc).Once you buy 1-2 properties, you can look to unload these items to someone else.Best of luck

In the Bay Area, most HOAs actively restrict less-than 30 days rentals in CC&Rs, and can have % rental caps on units which may make MTRs difficult. 

I just added laundry to a unit and need to update the lease with a laundry line item.

I have done 1 year and 3 year terms over the years with them.

Welcome to the community Sandy!

when you put your property on the Padsplit platform, did you purchase an existing pad split home or did you have the conversions done to make more rooms?