@Ashish Acharya, what IRS publication or form instruction outlines this concept? 

As for the concept of purchasing STRs in areas that you like to vacation in, I think personally, is an excellent idea.

It covers the concept of the core team that Jordan Fiore mentioned above.

there are no wrong answers as I'm trying to get a grasp on the concept before going to speak with an attorney and accountant about it so I can speed up the conversation.

For the average real estate investor, I believe the same concept applies. 

Look at getting a LOC to cover capital expenditures and / or include known needed upgrades in your mortgage ask" I love the concept of good debt and want to take advantage of all my opportunities.

The 'extra veil to pierce' concept is not always correct.

Changed the ceiling in a bedroom that was flat and pooling water, electrical, pex plumbing, roof, central A/C added, new drywall in about 70% of the home and restructured the living space to give an open concept dining/living area as well as create a 3rd bedroom.

First you need to get past the 'extreme fear' concept.

Changed the ceiling in a bedroom that was flat and pooling water, new electrical, new pex plumbing, new roof, new central A/C added, new drywall in about 70% of the home and restructured the living space to give an open concept dining/living area as well as create a 3rd bedroom.