Send letters to neighbors warning them you've done this and asking for their assistance to monitor and call you if triggered - but warn them it will take a couple of hours to get someone there to turn siren off.

Your current situation, and how to make it better next time.If you don't have strong guest wording in your lease you should add it, but also realizing that you have to give up some control because it is so hard to monitor and enforce. 

We do.Does your PM constantly monitor competition to be better than everyone else and represent only your best interest?

After that we monitor interest over a 90 day period and decide what we want to do.

There are a lot of factors to consider and every owner should be monitoring quarterly to seek what the best decision is for investor returns.

*grinsI would think the amount of time necessary to become an expert in any given large market like the one's you've listed, to maintain ongoing business relationships, and monitor the progress of a significant project would be more than my wife would tolerate. 

From walking in the doors and monitoring local market.

Time would be the biggest variable.Assuming the same repeatable services will have to be provided for STR & MTR, that are not provided for LTR, the costs may not be that different.Taking care of lawns, monitoring & paying utilities, taking calls, etc.Some services will be the same, but vary in frequency: cleanings, resupplying amenities, responding to inquiries, bookings, granting access, etc.

Learned how to monitor courthouse sales.

Another point of failure that has to be monitored.