Trying to manage a $1M Airbnb rental while it sounds good you got $6500 in bookings you still have significant costs to operate it with maintenance repairs, utilities etc.

In some states it includes annual fees (like the 800usd for CA).Turnover has both minimal repairs and cleanup.

I never investigated further.I always questioned his recommendations because at the price/rent point he was advocating, the maintenance/cap ex would consume too much of the rent unless actively self managed.  

This is standard business practice - just look up how many settlements the SEC makes annually where companies pay millions in penalties WITHOUT ADMITTING to any wrong doing.- Cash-for-Keys is another example of this!

Additionally I spent $35,000 on property taxes, $17,000 on insurance, $35,000 maintenance and repairs.  

I like them a lot, but it just gets expensive quickly on an annual basis. https://www.burnettandassociates.com/asset-protection

I currently only have 1 duplex, however I want to set this up right so it will work for any size portfolio.Currently I haveHome folder>multi family/single family/legal documentsInside the multi family I have Name of property-> general property maintenance/first floor/second floor Inside of first floor (the one currently rented)I have, pictures (before and will have after) / lease documents / a spreadsheet with each month, what day rent was paid, if it was late, if late was fee paid?

It also a property management piece built in with lease management functionality and maintenance requests. 

You only need a place to track tenant information, payment history, maintenance, etc.

@Rochelle GerberHere are some of the downsides of putting real estate into an IRA or 401k.No tax deductions: You can’t claim deductions for property taxes, mortgage interest, depreciation, repairs, improvements and other property-related expenses.Property expenses: All expenses, repairs, and maintenance costs must be paid with IRA or 401k funds, and you must pay others to do repairs and manage the property.