I think this may need to be declared within the trust and as you mentioned yours is irrevocable, it may no longer be an option.

If the declaration of trust permits the trustee to distribute assets in kind and there are sufficient assets in the trust such that distributions could be equalized with one sibling receiving the 4 plex and other siblings receiving other assets that may work.

Could the IRS at some level of activity (2/yr, 5/yr, 10/yr) step in and say we are actually flipping the houses and declare us dealers and be subject to short term gains and FICA?

You know the relevance, you know they are a necessary evil, but when you do them enough, muscle memory kicks in and it no longer requires active thinking to get you through the process and you can focus on the content rather than the routine of it.

It's been a blast but I did this mostly by muscling through the learning curve (of which I know I still have far to go) and using my savings from my W2 job.   

The issue isnt really about who makes what but rather airBNBs declaration to make enforcement of city ordinances difficult... they've tried everything from claiming it violates their rights, to raising user's privacy issues hence their going on a lawsuit filing spree.

One solution for your angst jawsette would be to declare war on the entire world.

One real estate investment club that I'm familiar with has had every leader since its inception either declare bankruptcy, had foreclosures or both; sort of the curse being a baby guru?

Now as per new rules, john can only declare 10k, but also as per new rules his mortgage is below 750k & he can declare 14k interest rate paid as well in taxes ?

It is also mostly self declared and I have never once have anyone ask for any documentation.