The key factor is ensuring the property qualifies for favorable tax treatment by adhering to IRS rules regarding short-term rentals and material participation.For the 7-day rule, the IRS requires that:The average guest stay must be seven days or less for the property to qualify as a short-term rental.If the average stay is 30 days or less, you must provide substantial services similar to what hotels offer, such as daily cleaning or concierge services.Regarding material participation, to further classify the income as non-passive, you must meet one of the following criteria:You spend more than 500 hours actively managing the rental in a year.You manage the business yourself and spend at least 100 hours, with your involvement exceeding that of any other person involved in the rental.Please note there are actually 7 ways to qualify, the above two are the most common.

Do I just use the realtor's complete list of contacts on their rolodex if they've proven to be a successful and have a good reputation on BP?

The entire system is designed to just be this 1 thing, color int he lines, don't venture out, just follow these steps. 

I am looking to use Fairmount and will follow up on this thread once things go through. 

They are more aligned with fed action and the secondary market, so DSCR will follow rate trends.

They are required to follow their lease agreement like any other tenant.

I would highly recommend you connect with and follow @Garrett Brown he's got a wealth of knowledge about STRs! 

Few follow up questions:- Tenant is reluctant to share his new address as he knows that I'll be behind for the dues.

.#2 Repair Management, tracking expenses, following up with outstanding work orders, ensuring work completed with photos by vendors, notifying owners when there is a repair request by the tenant and track the time it takes from work order to completion, track the amount of repairs to a home at end of year so owner can see those expenses and try to get them on service contracts and off home warranties.

Again, that is total speculation from me....just following the possibility to its logical conclusion - but tax law isn't always logical.And, if I wasn't clear enough about this earlier - I am NOT a tax professional.