My business partner has two STRs adjacent to ours that has several 1-bed units that rent very well during the week. 

And technology aside, this business hasn't changed much in the last 20 years.

They lower taxable income for federal taxes but not for FICA.However, employer contributions made by the S-Corp are not subject to FICA and count as a business expense.Make sure your W-2 correctly reports wages, deferrals, and FICA wages.

While you may not have learned much about real estate you have learned a lesson about life and business.

You'll find a lot of hard working contractors.Have something to write on as many of the contractors won't have business cards.You'll still want to screen them a bit because, "there's a reason they work with the hands, not their heads":)

I do business with people I have met before, not the sudden opportunist who wants a deal.  

For those who are running successful Section 8 businesses out-of-state, did you start in just 1 state or if the opportunity made sense would you purchase the property regardless of the state?

I personally think they are a good company (that's why I hired them) but they may be too 'busy' for small fish like us.

Friendship and business don’t always mix well, so it’s critical to use a solid lease and treat this as a business arrangement.

That's just the nature of this business.