Henderson is the only real option for STRs. 

Doesn't account for vacancy, unexpected maintenance, incorrect underwriting, etc. it never make sense to sell after one year, but possible at year 3 and preferably or more conducive at year 5 and so on in general.the problem with these investments are that we have so many options these day so one has to figure out the math correctly.

Very stable STR regulations & have many options for new investors in this market. 

Situation that is happening now is of course she thinking that she got taken advantage of and now is trying to give me two options. 

Many modern options (none of them perfect, most adequate) that charge much less than that. 

I would be careful forming a specific list per se.... things will happen that are not normal "wear and tear" that the tenant should be responsible for and if its not on the "list" you are stuck... the list will need to continue to evolve.Keeping it relatively vague keeps your option open.

@Justine Phillipson: I've been researching turnkey options as a way to get my feet wet in other markets, get some experience with some positive cash flow, then dive into other aspects of investing that we enjoy. 

Baseline is an excellent option, especially if you want more built-in like bookkeeping. 

I'm happy to put some numbers together with you on your different options to help inform your decision - just let me know.

As a violation it provides the mortgagee with the OPTION of accelerating the note - with all the proper notices and procedures for the state of property residence.