I have a call out to my accountant as well. :)

To succeed, focus on properties in high-demand neighborhoods like Pecan Grove or Aliana, and ensure your cash flow analysis accounts for high property taxes, potential HOA restrictions, and flood insurance costs.

It doesn't even take into account the pref!

@Dallas Smith, With some good running of the numbers by your accountant this can work. 

You can create an account to advertise yourself as a host or a guest (or both) and get matched with others.

How would this be accounted for for general accounting and taxes?  

If you are able to setup a credit card identical to your accounts payable accrual account, it should operate the same.  

I understand that I need to account for taxes, insurance, and other costs—Should I go with a LML and then do a refi later on?  

There are several other issues (undisclosed maintenance markup fees, excessive charges to our account, significant reductions to agreed rent without communication, etc).

I operate 14 properties from the same checking account.