Tons of returns set this system off: errors, no income lots of expenses, disproportionate expenses, etc.When all that is done, IRS has a budget for how many returns they will put in the audit queue.

If you move your expectations to keeping some money in, but refinancing out as much as you can then you'll be set up to not be let down from the jump.

You could consider a dividend portfolio that generates income for you, reinvest the dividends until it's time to retire and then have them go to you in retirement.

Why would companies set up new operations in a city with high operating costs?

I am under contract for a 3 family home w a very unique set up. 2- 1 bedroom apartments and 3 and 4th duplex which has 5 bedrooms but only 1 bathroom this home is 8 min from Brown University in RI and 10 min from Johnson Wales. (6miles)Do u think its close enough to attract college students especially the duplex? 

We initially spent about 20 hours getting my accounts set up and organized in Quickbooks.

If you want or need to remain in Home 2 for a while, you could consider a HELOC as has been suggested.

If you found a few handymen you could rely on, and make a trip out there for a few days to get things set up with shopping, decorating, and furnishing the STR that would remove the red flag of the property manager, and significantly boost your material participation hours to clear one of the thresholds.

Wouldn’t this be considered being a broker which requires a brokers license?

Typically, we set up entities in the state in which the property resides.