It leaves no question, no gray area etc.Disclosure of being an agent, I believe the Arizona Commissioner of Real Estate would request disclosure in any and all areas, why not?

(I)(1) The terms "real estate broker," "real estate salesperson," "foreign real estate dealer," and "foreign real estate salesperson" do not include a person, partnership, association, limited liability company, limited liability partnership, or corporation, or the regular employees thereof, who perform any of the acts or transactions specified or comprehended in division (A) of this section, whether or not for, or with the intention, in expectation, or upon the promise of receiving or collecting a fee, commission, or other valuable consideration:(a) With reference to real estate situated in this state owned by such person, partnership, association, limited liability company, limited liability partnership, or corporation, or acquired on its own account in the regular course of, or as an incident to the management of the property and the investment in it;(b) As receiver or trustee in bankruptcy, as guardian, executor, administrator, trustee, assignee, commissioner, or any person doing the things mentioned in this section, under authority or appointment of, or incident to a proceeding in, any court, or as a bona fide public officer, or as executor, trustee, or other bona fide fiduciary under any trust agreement, deed of trust, will, or other instrument that has been executed in good faith creating a like bona fide fiduciary obligation;(c) As a public officer while performing the officer's official duties;(d) As an attorney at law in the performance of the attorney's duties;(e) As a person who engages in the brokering of the sale of business assets, not including the sale, lease, exchange, or assignment of any interest in real estate;(f) As a person who engages in the sale of manufactured homes as defined in division (C)(4) of section 3781.06 of the Revised Code, or of mobile homes as defined in division (O) of section 4501.01 of the Revised Code, provided the sale does not include the negotiation, sale, lease, exchange, or assignment of any interest in real estate;(g) As a person who engages in the sale of commercial real estate pursuant to the requirements of section 4735.022 of the Revised Code.(2) A person, partnership, association, limited liability company, limited liability partnership, or corporation exempt under division (I)(1)(a) of this section shall be limited by the legal interest in the real estate held by that person or entity to performing any of the acts or transactions specified in or comprehended by division (A) of this section.

Commissioner (Dec. 58,259 , 135 TC 1)You won't be able to use the Sec 121 exclusion on the new structure/unit/dwelling as you never used it as a primary residence.That's not to say you don't have tax mitigation options. 

The mass exodus of an entire generation to the rest of the European Union to scrub Swedish toilets and wipe German windows.

I have spoke to the commissioner and he loves the idea of me purchasing a place and leasing it to the league, had mentioned he would entertain a 2-3 year lease.

Other central banks in the world followed suit, and the European Central Bank, Japanese Central Bank and the Chinese Central Bank also printed trillions of dollars and injected liquidity into the financial Marketplace.

Like the density, gentrification, global travel recognition, varied neighborhood uniqueness, walkability, diversity, etc. that only a walkable, dense and European like city can offer.

Some European countries are very landlord friendly, the majority not so much. 

I like the porcelain European "bow front" vanities, I have very small baths in all my units and it gives more floor space besides a nice classy look.

I have a European couple with a new baby that I suspected would be picky, and boy are they!