You can say that's not fair, why would you be held liable for the dog bite etc and most people would agree with you.

When I first started I wouldn't touch them but now we buy them fairly consistently. 

However, for the strategy to be effective, clients must ensure that they meet all the IRS requirements, such as maintaining the short-term rental for a sufficiently long period and passing one of the material participation tests (e.g., 100+ hours of active participation).2.

I would make each of these 5% of EGI too but this all depends on how well-maintained the building is.

I feel maintaining your properties correctly and being decent to your tenants is the best preventative measure we as landlords can take next to LLCs, insurance, and umbrella policies.

That's a fair housing violation.

You will likely see a fairly standard band of costs for comparable services.  

But the question is whether one can actually achieve the proforma cash flow on older properties with a less economically stable tenant base.Based on your picture, you appears fairly young.My advice is buy properties in quality locations think long term 10 to 15 years - slowly and safely build your portfolio - equity and cash flow will increase over time and in 10 to 15 years you may become financially free.People talk cash flow is king but one can NOT generate financial freedom cash flow with $250,000 or $500,000 invested (equity).Even at a 10% cash on cash return, one needs $1.2M invested to generate $120K a year $10K a month.You want property to be self supporting so it needs to cash flow but once that is reached the focus in my opinion should equity growth which increases net worth.

That being said, I have a fairly low opinion of gurus in general, especially ones that describe themselves as "academies."

I currently live in Southern California but am looking to dip my toes into real estate investing via purchasing a rental investment property in Kansas City (I have roots there, visit fairly often, have real estate connections there, etc.).