Here is why:STRs aren't going anywhere and if you can make the experience unique EVEN BETTER.

A select few really "get it" and are rock-stars of REI Agency (@James Wise is my super-hero in this aspect).     

@Jonathan BeaumontEven if someone give you a referral, what meets their expectations, may not meet yours.In our experience, the #1 mistake owners make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.It's often a case of not doing enough research, as they don't know what they don't know!

If I had a management company, I would want them to be selective in their tenant placement.

Prices are still dropping and, because this is a unique situation, nobody can predict where the bottom is.

The value of the land has very little to do with cap ex.Each property has unique cap ex cost.  

Entertaining the idea of building something unique and smart for the Austin, Texas area or other parts of the country.

With the additional cost you might only do select properties.

She's acutely aware of all the nuance regarding investment property selection in the various submarkets of SF.  

@Joseph LaliaEven if someone give you a referral, what meets their expectations, may not meet yours.In our experience, the #1 mistake owners make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.It's often a case of not doing enough research, as they don't know what they don't know!