I like SFH in the A-B area rent it you do the  upkeep  doing as much as possible your self to help max your rent out .I like to pay down the note as fast as possible .If in a C-D area I would flip the SFH wash your hands of it.SFH are generally easier to unload if you get in a cash crunch, I like staying in the first time home buyers level of a SFH  keeping it in a hot zone .If I were a BIG fish I would do deals at various level's of course after  doing the home work .

What's the activity level been like?

It is standard practice and component level depreciation is encouraged by the IRS.Though it is very important to track you time as you go along.

Especially these last few years with interest rates being so low for so long, every decent asset class has seen cap rate compression for several years.

I know the restrictions are pretty strict for STR’s but was wondering if it’s the same level of regulation for arbitrage.

What is the level of damage?

Also the hit rate per property is really low.

In my experience in MO, land bank properties are very low priced (these are generally properties/parcels that weren't sold at the tax auction), but they often have significant tax liens on them that must be cleared in addition to the "sale price" AND they require a significant amount of rehab in order for the properties to be inhabitable. 

I do believe some are truly altruistic, to a certain level, and truly believe in what they are offering.  

Quote from @Aaron Zimmerman: Quote from @Bonnie Low: My current CPA came via recommendation from another investor.