I have 3 homes managed by a property manager.

Self-Storage gets good rent but it can be a hassle to manage & deal with.

Here's her most recent thought on the matter if it helps: "Lack of inspection during building by project managers [is the problem].

STR Property management is common and I know a lot of folks doing this.  

They offer weekly training sessions on everything from investing and construction to vendor management, cash management, market analysis, and home underwriting.

Here you are basically hitting it without needing to manage a property in another location.

Someone with limited ability to manage 2 or 3 SETS of contractors is not going to have successful rehabs.

There are also online platforms that will handle managing security deposit compliance, refunds, etc. like rentable.com

@Brice Alef-Torrisi putting each property in its own LLC is usually overkill.Getting a bank account for each LLC is typically something you need to do to avoid "piercing of the LLC corporate veil" (actually depends on tax selection you made for LLC), but is also overkill.You haven't indicated how you are holding the deed for the latest property.If in your name or same LLC, you don't need a separate bank account.If in separate LLC, you can create a Master LLC, have each property LLC hire the Master LLC to manage their affairs, and just get a bank account for Master LLC.This is an opinion, not advice, so lookup CPA Frank Alcini in Troy for expert advice.

You must have excellent connections, industry knowledge, experience, and project management skills to achieve this outcome for those numbers.