I was recently introduced to the rent by room Medium Term Rental platform Padsplit.com.  

Yeah this is the exact reason that I would NEVER use a platform that could interrupt my business.

@John Nachtigall...I appreciate you sharing your experiences thus far with the Cardone Capital platform.  

Because it's a banking and bookkeeping platform I can set up individual bank accounts quickly and easily in Baselane and keep track of revenue and expenses for each property and easily run basic and customizable reports.

Let's explore some effective approaches for managing investment properties:With a Property Manager:Screening and Selecting Tenants: Entrust your property manager to handle tenant screening, background checks, and selection, ensuring reliable renters for your investment.Rent Collection: Property managers can ensure timely rent collection and handle any late payments or lease violations professionally.Maintenance and Repairs: Delegate routine maintenance tasks and repairs to your property manager, who can coordinate with contractors and vendors to keep your property in top condition.Tenant Relations: Property managers serve as the primary point of contact for tenants, addressing their concerns and ensuring a positive rental experience.Lease Enforcement and Evictions: Trust your property manager to enforce lease terms and handle the eviction process if necessary, following legal procedures.Financial Management: Property managers can handle financial tasks such as budgeting, accounting, and financial reporting, providing you with regular updates on property performance.Without a Property Manager:Self-Management: Take on the responsibility of managing the property yourself, handling tasks such as advertising vacancies, screening tenants, and collecting rent.Outsourcing Specific Tasks: While not hiring a full-time property manager, consider outsourcing tasks like maintenance and repairs to trusted contractors or service providers.Utilizing Technology: Leverage property management software and online platforms to streamline processes such as rent collection, lease management, and maintenance requests.Establishing Clear Policies: Set clear policies and procedures for tenants regarding rent payments, maintenance requests, and lease terms to minimize conflicts and misunderstandings.Regular Inspections: Conduct regular inspections of the property to identify maintenance issues or lease violations early on and address them promptly.Building Relationships: Maintain open communication and positive relationships with tenants to foster a sense of community and encourage better care of the property.Whether you choose to hire a property manager or manage the property yourself, effective communication, attention to detail, and a proactive approach to property management are key to maximizing returns and maintaining the value of your investment.

I also get the impression from what is listed on the various platforms (loopnet, etc.) that prices are way too high. 

You won’t end up in tax court but if you do, you would win based on everything you cited about material participation as long as you have a time and activity log that shows your tasks and provide a guest list that shows the number of nights your guests stay (easily found on the various platforms). 

Fractional investing options include real estate crowdfunding platforms like Arrived and Ark7, or real estate syndications for potentially higher returns.

She paid rent till February using one of the rent collection platform that I have been using.

You would need to submit an application with a self-directed Solo 401k provider that can restate your Fidelity plan documents to their more flexible Solo 401k document platform.2.