:PAs I look forward to what the next chapter looks like after baby #3 is born, I am looking for ways to take all that I've learned, but eliminate the "always on-call" aspect of managing STRs, so that when I'm not in a dedicated work session, I can focus on my family.I have some ideas, but would love to hear any other suggestions from you all as hosts or potential future hosts.

This late in the cycle you can't afford to make a mistake in a market.

In retrospect, it was a mistake.

I'd try to eliminate the blind as the problem.

@Brechman DieujusteIn 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!

@Juan Rodriguez you'll want to find a Property Management Company that also does rehabs.Even 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!

However, on the first increase with these people, I'd consider keeping as many as you want on a monthly, even if they aren't paying that monthly premium because you really don't actually know them yet, and you might want to have the ability to remove them in 30 days if you wanted, versus being locked in with a bunch of someone else's tenants.The last, perhaps main, consideration would be to make sure you're not eliminating all your cash flow if everyone was mad at your increase.  

Such as what was one of the mistakes you made that you would advise me to avoid? 

If it's a buy and hold, most mistakes can be covered over with time.

But also remember what is sometimes also important is this biz: don't let them mistake your kindness for weakness!