Every property goes down the assembly line and everyone has to do their job perfectly or at the end of the line the wheels fall off and the car bursts into flames. 

If  your rule is not to rent to anyone with a prior eviction, this person would fall under that rule.  

I'm new to real estate(just started renting out my rental property last fall).

Has anyone filed taxes yet as a W-2 employee who owns only STR, rents for on average less than 7 days per rental (STR), and materially participates (usually requires 100 hours or more in a year and more than anyone else)I’ve heard there are amazing tax benefits if you fall under all of the categories.

The midwest would fall into the former and places like California and Florida, the latter. 

This falls under section 6.01 of that revenue procedures each year, the most recently applicable would be Rev Proc 2024-23, but the same language has been floating around in this annual Rev Proc for closing in on 10 years - note there are various caveats so this isn't a blanket statement on all changes related to depreciation expense changing in the second year.Before this, the mindset has been that one was required to amend, given except for this language, per the IRS one has only adopted an accounting method if they have used that method for at least 2 years. 

I’ve been a Realtor in the Idaho Falls area for the past 8 years and our market has appreciated significantly during that time.

Lease option is my fall back.

One thing they had a penalty of "$100 per diem" if the contract falls out because of failure to finance.

Dont sleep on waterloo Cedar Falls