Also, what software do managers use to keep track of their P&Ls? 

Having an in house maintenance division adds much value to the property management company and the investors under management.

I have analyzed many times the property management business and you have the following business model (this is for in both digital and not)1.

It sounds like you may have never self-managed and therefore do not fully understand what goes into managing a property.

Unfortunately my timing was off so it wasn't beneficial for me at that time. 

Perhaps the less eyebrow raising method would be, if your goal was a more hands-off approach, is to leave it as an str the following year but under full time management, once your material participation hurdles are met in the previous tax year. 

My suggest is that you talk to some people locally that you have met over time, and some connections that you know through friends that can give you insight on what they are doing.

Full-time PMs cost more (20–30%) but handle everything hands-off.

At a minimum you're managing the manager or paying close attention to the REIT.

Is a project manager essential/required on a rehab.