With the state density bonus I am planning on 14 units.  2 work/live units and parking on first floor, and 2 floors of studios & 1 br's above. 

Of course, if you're in the Orlando/Florida area that's a bonus, but anywhere is fine with me especially if it's a big vacation area. 

And I strongly believe that coming across as a professional is a bonus.

If not you may have to depreciate it. if it was You can ask your tax guy about bonus depreciation and/or the safe harbor for expensing “larger repairs” under I BELIEVE $2500 per item. 

The study identifies with forensic engineering detail the immediate Bonus Depreciation 5, 7 and 15-year personal property class lives qualifying portions of a building that are normally buried in 27.5 year residential or 39 year commercial categories.The Cost Segregation Study was performed on the Asset Depreciation Range (ADR) and is based on a 40% tax bracket for State and Federal Taxes.

I also had to redo part of the large bonus room because the poly would not lay flat and tended to get more and more wrinkled the further I got in the room.

@Malayna Johnson   In my experience not that many people redeem, so I think most people are buying to get the property, not counting on the 25% or 50% penalty bonus if they do redeem. 

Bonus question: what are the pitfalls here?

I also get bonuses from my company every year.

Wait until you actually get a bonus, and then decide if you want to pay down your loan.