IE you have 1 bedroom of 3, then 1/3 of these indirect costs would be personal in nature, the rest business.One additional (major) item to keep in mind is that the short term nature of Air BnBs can be more akin to a motel/hotel (ordinary income), and not 'rental' income - ordinary meaning it could be subject to Self Employment tax if you end up showing a profit. 

If you are able to implement a real estate professional status tax strategy (REP) you can use passive losses from syndication deals to lower your ordinary W2 income.

@Mike H.Since when is rental income tax free.Rental income is ordinary income and can be taxed up to 43.8% Federal plus state income tax, which in CA can go to 13%.Rental income is NOT taxed for FICA as it is considered passive, at least for now.So in what Bizarro world is 43.8% TAX FREE?

These Sacramento properties are not indicative of ordinary properties in the greater Sacramento area.

Technically it's short-term capital gains, that are treated as ordinary income.

You'll pay ordinary income taxes at your marginal rate, plus likely self employment taxes as well.

The dotcoms have taken over San Francisco and the Peninsula, driving ordinary people to the East Bay.  

S-Corps are intended for ordinary income.  

I'll let you know if anything happens out of the ordinary. 

If the golf cart is ordinary and necessary for your rental activity than it can be deducted or capitalized based on how you want to treat it.