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Of course, nobody wants to be the test case, but I've never heard of IRS treating money from a loan as income, ever.I think you would be better off with a long closing date on the purchase and sell your exchange property fast so you can do a conventional 1031, receive conventional financing with one set of start up fees/costs, etc.

Purchased a test pilot home for shared housing. 

As you speak with prospective guests, just ask them and do some QA testing.

Be careful when someone gives you prospective figures to understand what the data represents.3. 

I have tested it in the past and find that it is way off (usually on the low side) for me.  

Calling all you data nerds out there to help me.

AirDNA's rentalizer tool can provide a detailed cash flow analysis.Investment Potential: Look at historical data and future projections to assess the long-term profitability of your investment.Using these tools and insights from AirDNA can help you make an informed decision about your short-term rental investment. 

Must meet self sufficiency test for 3-4 units on FHA though, which alot of properties in higher cost areas do not meet.Conventional allows 5% down on 2-4 units.

If you look at the data for the past 40 years, purchasing a home in the bay area has been a great long-term investment strategy.