We also would like to self-manage if possible.

As far as commercial goes, we've been seeing a lot of activity in the multi-family and self-storage space.

Yes you will save some money by self managing but more important you will learn what it takes to manage a property. 

Hi All,I have a SF LTR that I’m self-managing on the passive side.

It has provided no estimate of when distributions will be resumed.Nonetheless, it continues its barrage of self-promotion and continues to project large profits on current offerings.The proof is in the pudding.

If you are self-employed and do not report much income, you may also want to look at other NOnQM programs such as a Bank Statement Loan or P&L Only Loan.

Or you want to spent the time, effort, and money to try and self-source an off market deal here.  

To move forward, determine whether you prefer local or out-of-state investing, cash flow or appreciation, and self-management or hiring a property manager.Good luck!

I am confident in my depreciation numbers on the dwelling but I make an assumption that my other tax deductions will all occur in the year that I have the expense when I know my CPA depreciates some of them as capital expenses over time. 

As a starting point: -If they work full time and make $700k a year -Don't want to or can't spend time self managing a short-term rental -Don't have a spouse who wants to take the lead on managing the rentals They are likely not going to directly reduce their taxable income with real estate year-to-year.