He told me I can't take any home office deduction (I'm interested in the "simplified one" $5/sf) because I'm not a Real Estate Professional (750 hours spent or half my regular business time).

Unfortunately all professionals aren't created equal. 

@Paul LaSpina The amount of money it will take you to hire a competent securities attorney and other professionals (CPA, etc) will far surpass your needs (assuming this is just 2-3 people). 

There's property managers and services available to eliminate this need and it is at such a huge expense to the tenant, I just don't see it as fair or professional.

If the allocation of income/loss is not based on the capital contribution percentages, it is best to get a professional and draft a  partnership agreement.

These are professionals with additional training and a stricter code of ethics.

I will stop by in three days to inspect the property, inside and out.Keep it short and professional.

I am looking into first creating a non-profit for purposes of acquiring, rehabbing distressed housing; then renting out rooms to seniors/55+

A question for my CPA/Tax professional, I understand however I honestly don't have one set up yet so this is just for general understanding purposes at this point. 

Usually the agent on vacation has a colleague cover their business while they are gone and share some commission with them on the deal.If the agent is a long time professional the business doesn't just stop while on vacation you have others cover while gone etc.