If you are just dealing with a sales and marketing company then you won't have the accountability and you will be paying additional unnecessary markup.

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

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

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. 

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

s mentioned JV is best initially ..always pays to be circumspect and cautious the first few, once you gain confidence all alone is good to go!!

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

Obviously, if the tenants fail to timely pay rent, you can enforce their obligations with a notice to pay.Your question is legal in nature, so I recommend that you consult your landlord or FHA attorney in your state about it.