This is particularly true for tourism-dependent STRs (tourism-dependent markets tend to get hit hardest in recession, because recreational travel is often the first thing people cut from their budget in a tough economy).To make things even more complicated, Air Bnb recently changed their platform significantly to focus on A+ top-end, highly unique properties (think: luxury waterfront treehouses).

Guess what, electrical is even more expensive because you have to cut through the drywall to run electrical, then patch it back up, paint it, etc. 50K ain't enough for all that I'm sorry.

Secondly she wants new flooring in the kitchen because there is a small cut in the vinyl where a knife dropped.

As other's noted, you will not find investments in this market that generate 16-33% annualized cash on cash returns without relying on possible sale proceeds (which then means you cut the income stream) and typically even then you will be active.Since you are trying to create income that sustains you, risk is a very real factor, as is level of involvement.  

If you have bought and sold enough maybe you are more knowledgeable than a realtor, but don't do a disservice to new investors thinking that they can cut corners by buying without representation. 

Are there more protections on Airbnb that would make it worth it despite the cut they take?

Every broker will tell you they have training, but I personally thing you can cut the fluff from the stuff by seeing where they do it. 

If you're in the city, maybe someone was cutting through your yard, I don't know.   

Maybe your PM lost a key employee or is cutting costs somewhere that used to pay dividends?

Funny thing, that well deserved vacation was cut short two days into it because he was given an offer to work for a contractor in South Florida that he couldn't refuse.