Short term rentals and non-passive income tax classification

[Jeremy Janszen]

Hi all - I know this topic has been hit on a few times but I wanted to ask my question in a very specific manner to get collective expert feedback.  I understand I should consult my CPA, and I will.  They are, however, only 1 voice.  The collective feedback of this group is great support for my local professional opinions.  So, here goes....

I'm purchasing short-term rental and have been researching the tax implications/benefits of doing so. What I've come to understand, and would like to confirm, is the following, plus some follow-up questions:

If I own and directly manage a short term rental, renting it for an average of 7 day periods or less, it can be classified as non-passive income/loss and would be reported on a Schedule E (since there are no additional "substantial services" provided along with the rental). The rental income can be reduced by typical costs such as depreciation, mortgage interest, utility and operating costs, advertising costs, repairs, etc. If these costs exceed the rental revenue earned on the rental, the overall reported loss can be used to further reduce my W2 (day-job) generated taxable income. I do not have the IRS's "real estate professional" status.

If the above statement is accurate, my follow-up questions are as follows:

1. Is there a minimum and maximum number of days I must list the house for rent?

2. Is there a minimum and maximum number of days the house must be rented in order to qualify as a short term rental as described above?

3. Is there a minimum or maximum amount of days per year that I can use the house myself?

4. Do the number of rented days, and/or number of personal days use, affect the portion of annual costs I can deduct?

5. Can I show a Schedule E loss every year I own the STR, and thus reduce my W2/day-job taxable income each of those years, without the IRS reclassifying me as a "hobby" and thus unable to report a loss?

Thanks in advance for your thoughtful responses!