So partial deduction allowed up to 150kI would be careful giving him a deal on rents as the IRS could classify this as some sort of hobby or non investment property due to not being at or near market rates.

Being in STR, there are all sorts of things that pop up and being resourceful and creative in problem solving is huge.

For larger homes this will cost more.

A far larger hole was my lack of network.

When you get larger, migrate to a property management software that automates these things.

I understand that it may take time to build the capital for larger deals, but I’m committed to making it happen. 

In regards to your EMD (from what I've learned so far) If you are within your inspection period still &/0r have some sort of clause in your contract stating ( “buyer has the unrestricted right to terminate contract with a written notice no later than ( inspection period date) than you have proof.

Our major focus has been developing two larger (for us 220/365 units) locations in a larger town and we haven't looked back at our original locations. 

Although after speaking with other investors, some are telling us that it is not necessary to start a corporation for our first investment and its better to just buy in our personal names and incorporate later.This sort of advice that we have received is based on the information that a corporation costs more to start up and maintain.Should we incorporate now or later?

Eventually 1031 exchange into a larger asset and repeat6.