If I invest in the right deals and make the right assumptions (like what we agree on) then I can manage this thing like I would any other investment with an appropriate amount of time spent of research, consultation with advisers, monitoring (what you called managing the managers), etc.

Could well be part of Obama's infrastructure projects to create the necessary lines.This is one half of the "Pickens Plan".

Also if you can’t fire the PM, which seems to be the case, can you monitor them much more closely and require that you give final approval of all tenants prior to lease signing?

It was $200 to install so it wasn't a big expense.The house my son rents in Colorado has a ring type doorbell and the owners mounted a small monitor on the wall in the hallway close to the door so my son can see who's at the door.

Temporary Income Tax Regs defines investor activities as follows:(1) Studying and reviewing financial statements or reports on operations of the activity;(2) Preparing or compiling summaries or analyses of the finances or operations of the activity for the individual's own use; and(3) Monitoring the finances or operations of the activity in a non-managerial capacity. 

I have been monitoring what's the best market post covid and I've seen a very unique market transition, all STR destination seems doesn't experience a downturn, while "city destination" is experiencing a downturn.

Philadelphia is a great city/region and I have been seeing a lot of great things happening not just in the real estate market, but also with the cultural influence and infrastructure of the region. 

Third, I will say that I do think that after a while, Excel gets cumbersome and it gets difficult to really monitor performance.  

I can set my spending limits and monitor my traffic.

And heating oil is most of the market, until they get natural gas infrastructure up here, which is still another couple years a way, but on its way!