Are the smart appliances going to break the bank ?

Partner with a friend to protect both interests, create an Operating Agreement, and focus on saving and preparing for the down payment and reserves.

Maybe syndications but some of them aren't doing well and if they don't know how to vet the operator, seems very risky. 

However, I recommend buying first and running a fully operational short-term rental business first or passing it to a PM company.

It simply states that 50% of the annual income will be taken up by operating expenses.

which entity claimed the operating deductions and which entity claimed the depreciation?  

You have 30 days (in most states) NO NEVER supply appliances (OH you do not have to) Why?

Bottom line, if you're operating as a business you should be keeping business and personal completely separate.

Have you considered the potential of utilizing the "asset island" method for primary ownership of properties, and than via NNN master lease to individual operating LLC's for business monetization use? 

I typically operate within the residential space and have a few rentals.