If you're going to work with contractors, collect rent from tenants, or try to bed the hot chick at the bar, you better learn to recognize warning signs and get out early. 

Are you going to live there also, or do you want to operate a shared housing model in a single-family home with tenants?

Eventually, when things get more hot this will be an issue. 

I have three right now that its time to get rid of as they do not fit our model nor do I want to take the time to continue to manage these (even with a PM).

Most jurisdictions have adopted ABA Model Rule 7.3 which makes it an ethical violation.As for the reason some clients want CPA's who have real estate investments themselves, CPA's can be experts in all kinds of things but not in all things.

The market is very hot right now.

The goal is to determine whether the government accurately adjusts DoD Basic Allowance for Housing (BAH) rates and to develop a predictive model to calculate possible future BAH rates for specific locations.We have pulled rental data from Zillow and historical BAH rates from the DoD.

In the UK for example we have a simple LTR model, which works well and is very hands off.

To clarify, my banking model for the Series is to hold accounts for each series member. 

STR regulations have been a VERY hot topic here for the last year (and even beforehand).