A lot of new constructions are more of equity plays than cash flow plays.

From there, you could do a cost segregation study on that property which will lower taxes for that year and potentially create additional carryover losses.Always options to keep reinvesting assuming the equity is there to keep playing the real estate market 

Your number two is a bit different than what to expect on a short-term rental play.

If they are VERY professional, they will have their processes in writing as verification that policies are enforced equally and fairly by their entire staff.6.

Treat everyone fairly and follow the rules and you’ll be okay. 

Also, I'm looking for something to keep me busy as I ease into my retirement.You are trying to hack the primary residence part to reduce taxes and if you really can do it and you really live there then it will be fair, but if you deviate at all, the town will come for you and you will never get anything renovated if they think you aren't living there and it's not liveable.

In my opinion, you need a standard (eg. no felonies) that is written and followed consistently to avoid fair housing issues. 

Fair Housing specifically forbids discriminating against "familial status" which includes foster children.

I'm fairly new to BP myself.

They are just playing with fire, really, but it happens everywhere.