2) Is this allowable without forfeiting any privileges (BAH, per diem, etc.) or changing my home of record?

It's a privilege to be a part of the Bigger Pockets family and I look forward to what I can do with all of your help!

Yes you can if you meet the requirements.If you are not a real estate professional, the passive activity losses (PALs) generally are deductible only (1) against income from passive activities, (2) when the entire interest in a passive activity is disposed of in a taxable transaction, or (3) under the $25,000 rental loss privilege for qualified rental activities (subject to the $100,000 AGI phase-out).The general is a rule allowing up to $25,000 of active participation(see below) rental real estate losses as a deduction against nonpassive income.The taxpayer must make management decisions with regard to the property, have at least a 10% ownership share in the property, and the cannot be a limited partner.

@Amanda Schneider i am positive after reading the clause ,the seller got all privilege to terminate the contract and you as buyer donot have any loophole to force them not to terminate.I am not an attorney and this is not legal advice .But this is what i feel after reading the above mentioned paragraph

It would be a privilege to learn from you! 

Of course I also still have tenants sending checks under threat that if they bounce one the check sending privilege will be revoked and they will have to find another method.

this site kind of explains things, but I am not exactly sure what exactly the blueprint is for the process in chronological order (because I have to do things for the State, County, and the City altogether):Do I apply for the Transaction Privilege Sales Tax license first with the State, and then register the short term rental with Maricopa County after that, and then finally submit the property's contact information to the City??

I understand that, say, playing an online game can't be interrupted, but if I come back after telling you to take out the garbage and rather than doing it, you've entered another match, you lose the privilege of having that online game respected.  

Hello, I need to know if buying a commercial property for investment would affect my chances at a first home buyer loan/privileges. 

Most direct answer, if you live in Tennessee and are buying a SFH, and are willing to personally come to California on vacation once a year (such as when the short term rental isn't occupied by others on vacation who are paying you for the privilege), 2nd homes can be acquired at 90% LTV.Checklist here: https://selling-guide.fanniema...But, for a traditional long term rental, if that is your intent in your heart of hearts when you sit across from the notary who will take your fingerprints, no there are not.