One mistake could extend the tenant's stay for months without any income, not to mention the stress it could cause.

*Please note: As Dave mentioned, not all REITs allow for ongoing depreciation, but some do.

While no one else mentioned it, I will. 

Quote from @Jake Hughes: Called my CPA and they mentioned that aside from tax write offs we can do a cost segregation study on one of my properties.

Each renter profile comes with its own booking patterns and renewal needs, as you mentioned... but we find that a 30day rental period with option to renew and automated reminders to the renter works great!

You can definitely integrate Zelle/Venmo into your systems but there's easier ways. 100% agree with this explanation BUT I think there is a sweet spot not mentioned. 

@Laura Casner, personally, I try to step back and think about why I am doing this, as others mentioned.  

Just in case anyone is wondering I am pursuing the REO referral program I had mentioned.

The tax return you have should have a 'carry-over' schedule providing details as to what is carried forward to the next year, whether it be an NOL or a capital loss carryforward.As Michael mentioned above, there is no carrybacks at the moment.

Since you mentioned that there is no sewer or water, they can inform you on septic performance.