Have good forms/documents up front, good software, extremely good processes and procedures in place and like the others said a good team that you can quickly delegate to.

I believe there are situations where an owner should be giving their approval on the tenant selection process, but this should be limited to extreme situations like the one listed above, where a suitable candidate can't be found that matches the agreed upon screening criteria.

These are also extremely important steps.  

The fees are extremely high for both strategies you are comparing.

They are going to have to be extremely easy going to put up with having a revolving door on the other unit.

In some cases, buyers purchase and then neighbors shut down their STR.The best thing buyers can do if pursuing STR's in AZ or any state, is be EXTREMELY selective and choose an investment specialized realtor + STR/investment savvy mortgage broker/loan originator (Your realtor should point you toward someone great).AZ may, or may not be seeing changes over the next 6 months.

This has worked extremely well for us when it comes to increasing that bottom line.

I'm working with them now for a different area, but they're extremely friendly and helpful. 

Our experiences have been almost all extremely positive. 

@Mason AdelmanDavid Lindhal- emerging markets I would also read Don Campbell (these are Canadian based but highly applicable conceptually) 97 Tips for Canadian Investors as well as Real Estate Investing in Canada 2.0Read some property management books also, Mike Butler has a good one, the BP Managing Rental Properties one is fairly good, Douglas Gray has a great one (extremely thorough but Canadian based, again, concepts applicable).