If there are fences, trees, retaining walls, exterior paint, landscaping items, gutters and downspouts etc, you can either gamble that you won't need to touch them, or will be out of pocket for them when it arises.To be clear, this is not to say all turn key operators charge below market management, or under reserve in their projections, but if you only look at one operator it is hard to know what questions to ask.  

The 1% rule is a "guideline only" to be considered along with a list of other factors in a purchase.

City guidelines for STR’s, local laws, investment realtor you can recommend, etc.

There's nothing necessarily wrong with that scenario, but buying land and banking on appreciation is gambling. 

It might help to have a candid conversation with the property manager and come up with guidelines to make more decisions while you are away.

With 4 bedroom it seems you would be within the guidelines legally though, since you would be “no more than four,”  Do you plan to live there?  

I'm considering purchasing a triplex and living in one unit, but based on my research it seems you need to come up with a 25% down payment per Fannie Mae guidelines? 

Create a simple "rental process", create expectations on the ideal tenant that are non-discriminatory and meet federal housing guidelines, and stick to your guns.

I probably need to print out a guidelines booklet to include in the contract as a “refer to the property guidelines”.

One owner mentioned that they're having their best year ever because the University had to reduce the occupancy rate in dorms to meet COVID guidelines so this is pushing students out into the neighborhood rentals instead of student housing.