Normal wear and tear is prohibited in Florida; your state may vary. 

But with all things your mileage may vary.  

The final bid price varied depending on the property.

For us it varies by property - smaller more urban units can be 80,90% Airbnb whereas larger beach houses can be as low as 30% Airbnb but company wide on 65 or so doors last I checked was 40% Airbnb, 30% VRBO, 30% Other (Direct, Marriott, Google, Booking.com, Jetblue/Allegiant Airlines, others).

Your mileage will vary. 

Hi Willis,ROI can definitely vary between markets, even within the same region.

Someone with a home in the mountains mentioned that we MUST install a furnace and cannot rely on the wood stove alone.

When you say, "I'm using the ENEMY method, AirDNA, Mashvisor, Revedy, and Pricelabs for comps and analysis" this tells me that you are relying on posts, advice, algorithms, and other people to set you up for your first property.

(Obviously in Vegas we have zero siding or roof expenses so your mileage may vary.)Good luck. 

He would need to rely on one of the other tests, most likely #4 - significant participation, i.e. would need other investments outside of this partnership, and most likely other STRs.