MAYBE if it's materials only.....Good luck and trust your numbers, not thiers!

Renovation...you control this:  how much you do, what grade of materials, what gets done now versus later.So how long does this take:  an hour after walking it. 

Keep doing it as long as you live.Bonus material for everyone - It is possible to convert a property from investment to primary. 

Complete the course, study the material (watch Prep Agent on YouTube), and take the state and national exams when you turn 18.

I could be wrong (also not a licensed expert) but I think using a management company does make a difference as it would be difficult to prove material participation if a management company is the one doing all the work.Just another reason to self manage!

This is also just local impact, now add to that the federal impact of interest rates at basically zero, forced shut downs of building materials suppliers, and adding trillions of dollars to the money supply.

Most systems now a days use a copper radiator that has fins connected to allow heat transfer and air flow.Steel radiators are known to leach out additional material into the water that is circulating. 

We purchased this home (and the one next door) as a fix and hold residential property to be used as a short-term rental that I materially manage.

You need something from an attorney or you can purchase the Lease Agreement Package from BiggerPockets that was written by/for investors and is attorney reviewed for your state. 

I'll be starting my own NYC meetups in Jan 2023 and can send you a nudge once it materializes (end of month).