Brook,You can buy a Second Home/Vacation in multiple states you just cannot buy more than (1) second Home/Vacation home in the same general area.My investors take advantage of the 10% down loophole and its really just a matter of upfront planning with your Banker to ensure there is a proper plan in place. 

While I am not an accountant, and you should speak to yours about this, there is a loophole in the tax code called the STR Loophole which allows your STR (provided you are not using a PM) to be counted as active income/active expense so that the costs, payments, depreciation etc. goes against your active W-2 income.

If you don’t have access to the bank account its a loophole -and Airbnb loves loopholes.

Bought it furnished to rent out as an airbnb to utilize STR loophole to offset W2 income (husband and I are high-income earners).

Looking for a CPA or tax preparer that is well versed in the STR loophole and cost segregation.

Yes there may be loopholes but do you really want to risk your IRA Based on theory which is clearly against the intent of IRAs?

Here is an introduction to the so-called STR loophole: https://www.biggerpockets.com/forums/51/topics/1122635-the-s...

This is only available for folks to use against their w2 income (in general) via real estate professional status and short-term rental loophole. 

I am a business owner from Grand Rapids, MI with ~100 employees, and I have read several Robert Kiyossaki books, (increase your financial IQ, Cash flow Quadrant, Loopholes of Real estate and a couple more)  I am just recently diving in head first on real estate investing.  

It's not at the 40k level.Insurance companies are smart and if you read your rider they will disallow lot's of claims with loopholes to get out of paying.