They require the property to be listed on the MLS once the renovation is completed. 

Or should I pay for the subscription to make the screening process easier, collecting rent, tracking maintenance, etc?  

These were long time holds as long as 35 years.Pretty soon you will arrive at the required numbers including your tax exposure for Ca state income tax, make sure you are sitting down for that part.It is all covered by the video above and your accountant.

.- Full guest list required for each stay. 

So, the terms of your lease should be catered to that, with very strict insurance terms, personal guarantees behind any company signing your lease, requirements that lessee handles all repairs and maintenance, additional security deposits, and I would go so far as requiring minimum review quality for the host, limits on quality of guests they can accept, etc.And to your point about Airbnb not doing background checks, you are right.  

I have been working and educating myself for many years toward this type of project  Interesting, Is there significant deferred maintenence or is the $150k budget for cosmetic repairs on all 50 units? 

For future years, we probably wouldn't meet the 500 hours test (though we still do participate a significant amount as we periodically re-stock supplies at the place, handle most maintenance issues due to shortage of workers in the town, and monitor sensors during guest stays - leak sensors/heat/stove).Specific Questions on Depreciation:Assuming that I have the qualifications for non-passive activity, I then have some questions on bonus depreciation and related stuff.5) It is my understanding that Qualified Improvement Property (QIP) bonus depreciation is probably not useful for me because I did most of the renovations prior to placing the property in-service (save for a few things).

This would allow us to bypass a simultaneous closing and buy a new property within a 180-day timeframe to fulfill the 1031 exchange requirement.

Lenders won't require U.S. credit history however may require a foreign national credit report, and 2 trade lines opened and active for the past 2 years.

Much of what I'm experiencing is placing tenants, background checks, meeting them onsite, handling calls, dispatching maintenance to handle issues etc.