The key is to test, test, test until it works.

Recently, PM suddenly told me that this property needs "lead testing".My PM is not aware of this I already have 2-year lead certificate from the previous onwer AND assigned an inspector for lead inspection for me.

It sounds like you are mashing a lot of different things together here.It does not matter at all if you have an LLC, or if you, or your wife is the owner - it doesn't change any of the tax positioning in the slightest.The test to be a qualified Real Estate Professional is at least 750 hours in real property trades or businesses AND  over 50% of your professional time. 

I generally agree that homes in Cleveland should be tested for lead.

It is very difficult to execute as there are so many moving parts and people involved. if you do a few buy and holds first, test out contractors and slowly build your team you can prepare yourself to take on deals like this. 

I'd look for signs of arcing around those outlets.Other things I look for are how is the foundation, cracks in the walls (assuming lath and plaster), condition of the mechanicals, depending on what the house is built on, I may get a radon test done for the air and water (near me there is a lot of ledge, so radon is an issue in most homes). 

That said, do ask yourself before signing on the bottom line: if this tax strategy fails the IRS scrutiny test - what happens then?

It isn't helpful that you are not able to really test out Hostaway without paying a $250 onboarding fee and paying for the first month of service.

Now is not the time to “test the market” with an ambitious price to “see what happens.”

I believe your numbers and your forecast which a lot of the rosy numbers posted do not pass the sniff test on being achievable.