What I've found so far is the property has to be self-managed for the first year and you either need to live in it 14 days or 10% of total days it was available to rent, whichever is greater. 

Keep your licensing and permits in order, manage all vendor relationships with contracts and adequate insurance, maintain adequate insurance on your end and more generally operate your business soundly.

We self manage the STR, all other properties are managed by a property manager.

Some guys try to put their entire business into it but in my use it lacked in basic lead management.

Try to find someone who has a lot of property management or investor experience in your market. 

It typically falls into 6 months of gross management fees on the low end and a year and a half of gross management fees. 

I'm the principal broker for Hardin Realty & Property Management -- We encourage agents to invest and complete personal transactions!

Looking to get started on flipping. I have the entire network and work experience in place. 

If you can manage to get thru to someone by phone to guide you thru, it will go much easier.

I am the owner of a 10,000 sqft luxury mansion in Hawaii that I have spent the past two years renovating and managing.