So, to answer the question, "Why Does the Big-Money Invest in Landlord Unfriendly Cities?"

Thank you for the answer @Mike Lambert!

If the answer is yes: most people would buy another 3 homes to net what you want.

To insurance salesman the answer is always life insurance; to stockbrokers the answer is always investing in the stock market; to a hammer the answer is always a nail. 

Thank you so much @Greg O'Brien, I just bookmarked this thread, I stayed up until 2am last night trying to find answers to this, confused by different professional opinions and IRS publications.I'm trying to use STRs (rented out 7 days or less with no substantial services provided in which I materially participate) to reduce my W2 liabilities and my biggest concern was if doing this will trigger Self Employment taxes.If I understood correctly, in this situation I can use depreciation losses as active against other active income (which is what I want).

Would we pay the same amount for this information, my answer would be NO.5) My feedback for the program if they see this comment, provide an avenue for students of the program to share their feedback about the service you offer.

Happy to connect and answer any questions you may have.

Don't buy it" But I've got several in your market so I'll do my best to answer your questions! 

But they never answer any of my e-mails.

I'd start building a good relationship with a local lender and a local agent who can answer your questions on what is possible for you specifically.