@Tushar P.Every state is going to be different, as each state has a slightly different tax regime in place.Some states recognize IRC Sec 469. 

This quitting W2 to survive on REI reminds me of the FIRE movement or Paleo diet.

For example, putting the ADU under RSO regime and relieving my main house. 

I am aware of the Sewage issue and i am aware that in this high interest regime it won't be a cash flow property.

I'm addition to what's already been  said remember you have no control over the HOA regime fees.

These help me weather a storm with low STR occupancy numbers like many are facing across the country.Higher insurance rates, STR permit fees, labor costs for repairs and cleaning, regime fees (for condos) make running a profitable STR even more difficult.  

We stopped in last 2021 to allow for a pause / stabilization and are now doing some build-to-rent.I feel this is, now, a harder market to get great cashflow, but we have seen good appreciation and good rent growth, so eventually more cashflow will come.Happy to meet up for a Diet Coke and chat. 

We were using a local small company that did exactly what evolve does in PA then they got shut down by the PA real estate regime.

meant to say we have two financial regime right.the last 12 years are the cheap money regime, so buying real asset risk/reward is almost no brainer than holding cash, good to become borrower for asset that's appreciating (10%) lolbut in the last 12 months we moved to expensive money regime where holding cash itself is producing money with almost no risk, while doing business including real estate is having higher risk (compare to cheap money regime).

Yes you should easily shed a good portion of it but to shed all of it will be a lot harder and needs diet and exercise (not just one)This is evident also by the latest treasury bond sales - other countries are slowing down buying our debt which means rates (especially mortgage rates (will stay higher longer).