I most want to avoid spending considerable time showing units in-person to prospective renters, esp. before we've pre-screened them.

Some like mine are easy to work with but some are just awful and it's important to take that into consideration! 

If you receive any boot (like cash or non-like-kind property), then some of that recapture could be triggered and taxed.

I don't know about Memphis but I also invest in Indianapolis and my property taxes went up 17% this year.Another consideration: Nevada has low property tax rates and is a short flight or long drive away.

They will (should) use different comps and take into consideration things like higher end finishes and remodels/renovations.It never hurts to meet the Appraiser when they arrive and present them with your own Comps and list of things that add value to your property....

So make sure you take all those costs into consideration.  

It would be a big mistake to pull the trigger on a property in an area like that.

You was a little fast on the trigger to go scorch earth.

Thank you so much @Greg O'Brien, I just bookmarked this thread, I stayed up until 2am last night trying to find answers to this, confused by different professional opinions and IRS publications.I'm trying to use STRs (rented out 7 days or less with no substantial services provided in which I materially participate) to reduce my W2 liabilities and my biggest concern was if doing this will trigger Self Employment taxes.If I understood correctly, in this situation I can use depreciation losses as active against other active income (which is what I want).

Choose the right property, manage tenants, and consider space considerations.