That is a cost, but well worth it to have that equity available to leverage to make larger returns.

Is the area they are building in not set to grow?  

A well written management contract should clearly spell out what is expected of both the PMC and the owner, to PROTECT both and avoid misunderstandings.

This is referred to as a sunk cost.Your revenue and expenses are going to be what they are, your question really translates to whether you think a 7% pretax fixed and *guaranteed* return is good relative to your opportunity set.

I wanted to refresh the paint on the front doors and shutters as well.

We are in central PA as well and while A/C is a plus, most homes do not have it and rely on window units for the dog days of summer. 

Also, most decent STR property managers will be happy to offer projections for properties, or even realtors who do a lot of STR business as well. 

But, I found a bit here:  https://www.awc.org/pdf/education/mat/AWC-MAT230-Glulam-2hr-150530.pdfThe aluminum I-beam properties are well documented here:https://www.aluminum.org/sites/default/files/ADM2010Errata2.pdfIn short, one can't make a definitive conclusion. 

**Steps to Start an LLC**: What are the essential steps involved in setting up an LLC for real estate purposes?

Well, you need to start by buying value add properties.