(Which rightly service a large number of tenants) These are top dollar units and are largely excluded from local rent control laws. 

But I'm thinking that the absentee list, used multiple times, hits these landlords anyway....True, some of these will be absentee, but you'll miss the hobbyist landlords who are local and self-manage (if your absentee list excludes the locals, as some so in practice).

To be excluded from the definition of loan originator using the three property exclusion, one must meet all the following criteria:A. the seller provides financing for the sale of 2 to 3 consumer properties in any 12 month period.

If things are slow, exclude anyone that has already seen the property before the agent lists it, you would need to provide them a list.

@John Thedford , excluding depreciation, what is the financial difference between holding rental properties personally, or in a retirement account?

The IRS allows you to exclude the capital gain on the sale of your primary residence up to a $250k gain if single and $500k if married, as long as you lived in the home as your primary residence for 2 of the prior 5 years.  

300K USD would exclude Auckland but would still get you something in smaller towns and cities.

If you intention is to sell the property on or rent it, you would want to be sure your contract didn't exclude that.For example, its very common to have a "no subleases" provision in a lease.

Assuming you end up with about $110k of forgiven debt: Basically, excluding the shorted property (value and debts) if your net worth were $0 or less, no income from debt forgiveness taxed. $20k net worth, $20k of income from debt forgiveness taxed, etc.

But you excluded time.