This creates a negative initial position.

I've done more research on multi-family than short-term rentals though, so I'm definitely looking to learn more about short-term rentals before deciding which I should focus on (at least initially).

and for LTRs - there isn't any cash flow initially.

We moved away from our units, so we use a property manager now, but we did it quasi in-house and never charged an application fee. 

My wife and I are just beginning our investment journey and we're initially trying to navigate a potential mortgage lending challenge.

So as the landlord, how do you determine the fair amount to charge. 

It seems like they have a newer and better "jerk the host around" policy every couple of days.You get what you tolerate.VRBO is no better, and will almost certainly copy this in the coming months.VRBO and Airbnb take turns coming up with jerk the host around policies, and then the other one copies it.Remember, VRBO are the ones that invented charging fines to hosts beyond even the max refund amount, which is pretty much the most brutality punitive policy in all of business and something no other business would accept.Imagine if waiters had to pay a $2000 fine for spilling a drink on a diner. 

The other is collateral storage company charges, one charged me like $100 for every exception (not to fix it but put it on a spreadsheet) and there were 3 of them.

Companies I've found and the cost they would charge for 1 property under 500kKBKG - $450 - (audit support included)Re Cost Seg - $1800 (audit support included)DIY Cost Seg - $495 (+ additional $195 for audit support)Would love feedback to before settling on one.

And now with Airbnb charging a higher fee of 15%, is this still a way to make money?