I know the tools aren't always 100% reliable due to bad data so I'm curious if anyone here as experience with STRs in Albuquerque.It also seems like STR regulations aren't super strict at the moment - need to register for a permit and comply with various rules around occupancy limits, acknowledgements, etc - nothing too crazy.

Just like with multifamily buildings, the more modern and move-in-ready a property is, the less potential there is for adding value, which can limit your return on investment.I suggest looking for off-market properties.

Cash flow is pretty hard to find with such limited inventory.

In PA the statute of limitations for construction defects is 12 years but I’m not sure how strong of a case you have here.

Are there time limits to this?

For hardwood, that will take much longer and I'd bet they'd walk on it or move heavy furniture before the top coat is cured and damage it.

Limited by cash purchase price. 

In the Reno, NV multifamily market a 5%-6% cap rate is good because of the strong appreciation, job growth, and very limited future inventory.

The cost will be more expensive and the LTV will be limited because of the risk if you decide to go the PM option. 

Selling even with 1031 triggers recapture taxes on bonus depreciated asset.Switching to STR: The IRS looks at the average stay over the full year to qualify for bonus depreciation, even if you switch mid-year.Co-Host Hours: Limit co-host hours to maintain material participation.