I would be very surprised if this was accurately done.That means you are cash-flow positive after depreciation of $1,666 per monthIf the return was filed, you may want to pay another accountant to look over the return to see that it was done correctly.Yes, buying another property, given today's condition of high prices and high interest rates would likely decrease your rental taxable income.

Also, with conversions, even if the municpality does not require MEP drawings, I highly recomend spending the money to have an engineer prepare them.

We were okay with paying a bit extra for something we love, but with the added complications of the undisclosed claim and the high insurance premium due to the property being in a high-risk status, it’s become a concerning situation.

The ironic thing is that in some resort/highly desirable locations where the cost of housing is high, when STRs are banned, the houses in question typically get bought by people as a second/third/fourth vacation home and then let it sit vacant. 

This is why I highly suggest hosts check into the info Justin Ford has, and the educational videos and course he provides.

I want to make sure my property is getting managed well and everything is taken care of such that I minimize vacancy and other tenant issues that would add additional cost and headache, but I haven't ever heard about PM fees being this high.

I highly recommend it and their prices for basic accounting ledger is much more reasonable than QB.

With high fees and the grip Airbnb has around your neck my goal for 2024 is to get it down below 25%.

I would highly recommend Pace Morby as you get the same info for free. 

Hmmm, guess you didn't notice that @Michael Plaks is an "Enrolled Agent".There are hot dog vendors, there are fast food cooks, there are sit down resaurant cooks and there are fine dining chefs.