Also, there are numerous challenges dealing with Turnkey providers:1) Terrible renovation work - we've taken over many properties that investor bought turnkey and they were shocked to learn the true condition of their property from our TakeOver video.

The triangle area has terrible rent to price ratios, but I am net bullish the area.

If it's a heavy value-add deal, cap rates and CoC might look terrible in year 1.

I have been investing for more than 30+ years and had a terrible experience that is all documented.

.- you or your spouse can qualify as RE professional and the limits the OP discussed do not apply- you can use the “STR loophole” (terrible name) to not have the limits the OP Discussed apply  - a derivative of the STR loophole that for lack of better name I will call the MTR loophole will let you provide amenities to not have the limit the OP discussed apply.I suspect there are many more.  

@Mandi Ewart This sounds like a terrible experience. 

I find that all of our tenants when we say we don't use property management they jump for joy and say their prior landlord/property management was terrible to work with.I just assumed that everywhere has bad landlords who aren't willing to do the right thing for their tenants, which ultimately leads to happier tenants, longer leases and more $$ for us.

Terrible scammers.

I should have read it years ago before terrible renters.

Since then they have been terrible communicating with me.