My first two properties are still in my personal name and I actually need to switch that up finally, so thank for the reminder.Nonetheless, you can definitely still open up an LLC, I just try to avoid putting the cart before the horse.   

Forget your current investments.What is your personal and financial objectives?

Now the debate of where rates "should be" would be based on the quality of product each person/owner offers. 

Personally I would do a water change after every guest.To decide if the hot tab is a value add, look at your competition.

Keep personal and business finances separate.

Hi Kathryn - I personally would have no problem sharing insights if another host or soon-to-be host reached out to me.

@Dave Kush  I personally invest in higher end stuff on the Northside of the city so there is less distressed to choose from, but the payoffs are bigger when they hit.

All the consumer knows is what S/he sees on AirBnb or VRBO or (if you have one) your personal website. 

Personally I would serve the 3 day notice and then serve the notice to vacate after she pays.

Given my geographic inability to personally manage the properties and long stretches of not having cell or internet service, I'm calculating 3rd party property management into all my deals.