I have a bad habit of using that term with SBA loans as they don't always have real estate involved. 

The management fees for short term rentals are typically significantly higher because of the amount of work involved. 

You are correct, if this situation becomes more of a discussion we will have our lawyer involved more formally; laws are always changing and from all the articles we've read, this particular subject can be grey.  

The tenant would not be involved so-to-speak.

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

In my mind, risk involves possible loss of principal, down-side involves the hassle of work that I will need to do to to protect investment.

Significantly better returns are required, since it involves packing up shop, setting up somewhere else, establishing new relationships, learning markets, laws and zoning rules, etc. 

In my lease docs, I have charges listed for replacing planks, but I don't have anything spelled out for this kind of damage.Namely, I do not plan on replacing these planks (the labor involved is just not worth it, to anyone whose had to do this), but this is definitely documentable damage traced to this tenant. 

@Sean McGrattanThe Millionaire Real Estate Investor - Gary KellerMultifamily Millions - David LindahlEmerging Real Estate Markets - David LindahlThe Complete Guide To Buying and Selling Apartment Buildings - Steve BergesTry these out, I would say that many suggestions will involve these books for multifamily investing education. 

However I take exception to people who build significant reputations on the basis of having done X number of deals but their involvement in those deals is strictly as a capital raiser.