As a retired CPA, I saw plenty of tax returns by these firms that clearly were done poorly. 

We have spent the last several years reading (rich dad poor dad, total money makeover, etc.), listening to bigger pockets and other podcasts, and learning about real estate.

EVERYONE makes decisions based on rules of thumb!

Poor communicators, poor housekeeping skills, prescription med abuse, big dogs that they couldn't properly care for, damaging, etc.

My suggestions:* Requiring code compliance and safety equipment is absolutely valid and should be part of the regulations* Requiring owners live within 15 miles is not necessary since poor hosts whether they're local or distant will violate the 3-5 warning system and earn a suspension.

Your question has been debated between BP tax experts both privately and publicly, for example here: https://www.biggerpockets.com/forums/51/topics/819991-expens...And we ended up where we started: no consensus and no clarity.There have also been court decisions that support my interpretation, even though I personally find these court decisions debatable.

The PM is slacking and poorly addressing tenant issues. 

I allocated $500/month for insurance which is part of why such a promising revenue to cost projects such poor COC.  

Those can indicate poor management, deferred maintenance, difficult and expensive upkeep like ocean front which will bring up issues with rising oceans, insurance, and hurricanes. 

Their decision to expand into Ohio is not just a strategic move for the company but a significant boon for the local economy.