Any insights, recommended software, or personal experiences you can share would be incredibly helpful.Thanks in advance for your expertise and time.

I think with more systems and software to come in the future (some of which have not been invented yet) realtors will become a thing of the past.

I have never seen any financial statements or documents or 3rd party audits etc.  

Get a property management system that is API connected (software connected) to both Airbnb and VRBO (and Google Vacation, booking.com, etc)That will become the mitochondria of the business. any update you make in the PMS will reflect in your listing for the other platforms (channel manager).Each of the booking platforms have different fees collected so you'll adjust the management fee in the system so that you get a similar payout.I use JURNY, a little known system that's I've used for 2 years to manage nearly 20 properties. but I love it because it connects to Autohost so I get automated leases sent out for signature (yes, even on Airbnb and VRBO) along with ID collection, SELFIE, credit card deposit and then the AI tool kicks in and detects for fraud. 

But instead of being a powerful engine for your deals, it feels like another piece of clunky software you have to babysit.

Overall we are happy with the software, just want to outsource those tasks.Thanks in advance!

AI is just the latest tech tool.So, they'll be good uses of it and bad.Just like the internet, PMC software, PMC support software, etc..Personally, I think the best uses will be:1) Answering repetitive owner & tenant questions- Will actually provide more human-like responses once "programmed" properly.2) Responding to tenant prospects too lazy to actually read property postings, so they call, email or text repetitive questions.3) Enhancing followup tasks- Will actually provide more human-like responses once "programmed" properly.4) Make data analysis & aggregation MUCH easier!

How do you know if they're doing fine if they did not issue a K-1 or provide audited financials. 

I am fairly confident with todays updated software systems even doing those things will be more simplified. 

A lot of people either use DIY software (like KBKG’s tool) or take a rule-of-thumb allocation and have their CPA review it.