We notify owners and get approval for any repair that would be over $250 before it's done (unless it's an emergency after hours such as a burst pipe or no heat in the winter - east coast here!)

Stay disciplined and don't access this money for anything but this strategy or a true emergency.

Emergency personnel need to be able to move around the structure. 

Think of the five days are your emergency time reserve but it is still late, could be reported as late and future references could share, your rent is typically “late”.

This is an emergency so I would go to get it done mode ASAP!

I have a pretty good pulse on the market (emerging neighborhoods, rehabs, rentals, job growth centers, big development, Air bnbs, etc.) and all the latest of what is happening.  

Safety systems     -  sprinklers, fire or burglar alarm, emergency lighting, etc.I would ask for Loss Runs (reports detailing claims made on the insurance policies).  

I don't mean to scare you, but having an emergency fund is truly essential to avoid having a small problem turn into a big one.  

You are also looking for emerging real estate markets, tracking the data year over year to compare it.

Also, make sure your operating expense includes housecleaning for each booking, maintenance, utilities, and if you are not local, someone who can act as a guest contact or at least emergency contact.