I am from Iowa so our goal would be to use it in the winter months (dec,jan,fab) and try and break even off the income from the remaining months. 

in my experience doing this in Vegas - the gross rental income is about 50% higher. 

I have no idea why folks spend a ton of hard earned money on these "guru"  classes.

With a fideicomiso, the gross income is taxed through a withholding tax whereas, with the corporation, the rate, you can deduct expenses but the taxation rate is higher.

REPS does not relate to STR's.For short-term rentals (STRs) with an average rental period of seven days or less, you don’t need REP status to offset losses against other income.

The last thing you want it to trigger income taxes from accidentally cashing out.  

Or sell using the 1031 exchange along with a partial 121 primary residence exemption There is a way you could take advantage of the 121 primary residence exclusion allowing you to take the first $250k of the gain tax free ($500k if married) and qualify for a 1031 exchange.Say you purchase a property as your primary residence (house hack extra rooms for extra income) and lived there for two years while stationed there.

Then figure  tax on your income. 

Setting rent significantly above FMV could be seen as an attempt to shift income or inflate deductions, leading to potential penalties.

You either have verified income and meet the other requirements, or don't.