@Thomas Rutkowski, You also state "...And because of the fact that it is done through a qualified intermediary, the depreciation recapture is deferred for the same reason that it is in a 1031 exchange.Readers should take note that the California Franchise Tax Board has issued negative guidance regarding using the Deferred Sales Trust, Monetized Installment Sale or other installment sales techniques to "save" a failed 1031 Exchange. 

If you are going to go heavy into real estate investing, there are many ways to defer taxes, so losing the personal residence deduction may not be an issue.

Sounds like a whole lot of issues over nothing as someone with 45 units blinds and a few holes are the least of your worries the turn over and vacancy cost to replace a tenant would far exceed some minor miscellaneous cosmetics.

Airbnb has told me if there is an issue when they leave I have to fill out their form to see if I can get reimbursed.

It would be great to hear from a wide variety of folks on what issues they face, processes that slow them down, or any other problems that if they were automated, they would benefit greatly from.More than happy to provide insight into these areas.

i have great cleaners, no issues with reviews for the year.

You can find the best cash flow in areas that are hard to be a landlord and on homes that have deferred maintenance and tenant issues so that should not be your main focus.

I’m active duty Air Force and ran into the same issue at my last base.

I have cash on hand and no issues paying 25% down. 

FHA is tough on a few things like "Chipped paint" any signs of chipped paint will stop financing and need to be addressed (Painted), Loose or missing hand railings, Water damage, Mold, Termites, Outdated electrical or any wiring that is exposed.FHA will also stop you dead in your tracks if the appraisal shows anything that is considered a "hazard or safety issue" and must be fixed.