I assume since I have plenty of basis, I would pay no tax as I'm not overdrawing my basis.

In general, rental related real estate, is considered a passive activity.That means, that passive losses, are not eligible to offset income such as wages, interest, dividends,etc.However, I would still argue that real estate is great from a tax perseptive, making $270,000 you are likely in the 30%+ tax bracket when you factor in Federal and state taxes.Rental income, which is normally shielded by depreciation, will not be subject to the 30% tax as would interest and dividends.Best of luck.

Interest income from fix & flip loans is typically considered passive income and not subject to self-employment (SE) tax, but other fees like origination fees and loan servicing fees might be subject to SE tax, as they're seen as part of active business income.However, because you're operating through a partnership LLC, some accountants might interpret that income as ordinary income, which could be subject to SE tax.

If I was paying $1mil (or perhaps more realistic $250k) in tax a year, I would/could be ridiculously happy! 

Without diving into the cleaning fee and sales tax as a portion of the ADR, we can keep it simple with a "what does it gross gross for the year" and there's a wide range.

We bought 1.5 acre of 15 acre land which was in agriculture tax exemption in middle of this year. how can we continue to get the same agriculture exemption for this and next year. we had calculated the maximum tax as $100 for the entire year during the closing due to agriculture tax exemption and have prorated accordingly for our 1.5 acre.

Vacation homes take some planning, I personally think shooting for break even profit/loss with a vacation home is a good tax strategy but if it is a cash cow I would gladly just pay the tax as you still come out significantly ahead and if you have one I probably wouldn't bother with a cost seg study unless you are getting extremely high rents.

I have not heard of an extension as of yet.Your 100 hours is related to material participation for STR not the real estate professional status, they are two separate items but in a way can be connected (kinda).I'm not sure what you mean by "sell it for no bonus depreciation recapture" because you are required to take depreciation, if you don't the IRS should calculate your tax as if you did.Your head is in the right place and I wish you luck but would highly recommend consulting with a tax professional before proceeding if this is your plan.Best of luck Dennis!

So its important we figure out which income is characterized under this tax as well.WA is nice because there is no capital gains and or state income tax, however RE excise taxes are around 1.78% of the gross sales price and sales tax is about as high as LA county in CA.I prefer a non tax state but if the deal is "good enough," overall I would still consider a tax state like CA if a quick sale wasn't in the short term game plan because I wouldn't want my long term capital gains to be subject to the state income tax.

You need to "change your facts to change your tax" as the great tom wheelright put it.