There are more issues than this, reserves would be another. 

For example, have you used smart home devices, community engagement platforms, or data analytics to better understand and meet tenant needs?

I'm reaching out to share a cautionary tale based on my recent experience with a fintech bank issue involving Yotta and Synapse.

Just like you would do with any non-family contractor working for you:- get them to complete Form W9 for you, as you will need their SSNs- have them provide receipts for materials/supplies and keep those receipts- have a written labor agreement (how much and for what) - pay for materials separately from labor- make all payments electronically rather than cash so you can trace them- pay out of your business account, not personal- issue them 1099s next year if you paid them $600 or more for labor (for the whole year, not per job): https://www.biggerpockets.com/forums/51/topics/1167632-expla... 

We My first advice is contact a board certified real estate attorney to review your specific situation. 

Technically L&I does not have to issue a new rental license after the 3 year period has lapsed but sometimes it does.

You can also use platforms like batchleads where you can simply search the property and it will show details like remaining mortgage balance.

I am wondering if any experienced landlords or property managers in Seattle have ever come across this issue before?

The way I look at it, it is investment specific, based on what you think you will need in the next few years That could come from cash, or cash equivalents, or if you can afford to make the payments, it could come from borrowed funds.

I'm looking for a PM group that has a reasonable monthly rate, manages tenant selection well, addresses property issues with quality, and conscientiously and actively turns properties when vacant.