For your STR, focus on key tax strategies like depreciation, property expenses, and management fees to reduce taxable income.

I’ve been following the forums for a while and wanted to officially introduce myself.My background is in tax strategy and engineering, specifically focused on Cost Segregation.I noticed a huge gap in the market where most "big firms" won't touch deals under $5M (or they charge fees that don't make sense for the deal).

Your cleaner should take care of it and if it takes extra time then you can decide whether to pay an extra fee.

There is normally a very small annual fee to keep the line and it is normally a 10 year draw structure with 20 year pay back. 

Tenant placement is a one time service and is often far more affordable than ongoing management, while still protecting you on the front end.As for compliance, this typically includes:Proper advertising and screening in accordance with Fair Housing lawsConsistent, documented tenant selection criteriaLegally compliant lease agreements and required disclosuresUnderstanding local and state landlord-tenant laws (security deposits, habitability standards, notice requirements, etc.)Correct handling of application fees, background checks and denialsGetting the placement and compliance right from the start significantly reduces risk, stress, and costly mistakes later.

This means that you will need to pay registration and filing fees in at least 2 states if you don’t buy CA property.This article goes into a lot of the considerations about whether to form an LLC or not: https://www.mmpph.com/wp-content/uploads/2019/04/May-2019-newsletter.pdfBe sure to tell your accountant that you now need to file non-resident income tax returns in each state where you own property as well.

If you were a person of marginal ethics (in this case, 75% of your tenants), and the governor publicly announces you cannot be held to account for not paying rent (no late fees, notices, or evictions), and in fact implies that it's okay not to honor your written contract, then what's the downside of not paying?

I actually like small fee HOA neighborhoods because they tend to keep property values higher.  

Look for a 1 year loan that has no early payoff fee.

Management fees are deductible either way.