The answer varies greatly depending on the arrangement of your deal with the owner/landlord but in general you need renters insurance to cover your contents (since you are renter presumably) and then excess liability coverage for your short term rental activities.

For future years, we probably wouldn't meet the 500 hours test (though we still do participate a significant amount as we periodically re-stock supplies at the place, handle most maintenance issues due to shortage of workers in the town, and monitor sensors during guest stays - leak sensors/heat/stove).Specific Questions on Depreciation:Assuming that I have the qualifications for non-passive activity, I then have some questions on bonus depreciation and related stuff.5) It is my understanding that Qualified Improvement Property (QIP) bonus depreciation is probably not useful for me because I did most of the renovations prior to placing the property in-service (save for a few things).

@Donna Beth Perch you just joined BP yesterday, obviously searching for shortcut answers.Your bio states you are an agent, does your broker know you are managing so they can update their E&O Insurance to cover your management activities?

Local brokers in your market will know the current cap rates for the property class, mainly based on recent comparable sales.

I was filing with a local CPA (also a friend) and she was only charging about $800.

Additionally, depending on your unique requirements and tastes, speaking with a local real estate agent might offer insightful advice.If you have more specific criteria or questions about any of these areas, feel free to share, and I can provide more targeted information. 

Unless I'm actively asking my PM on the status of things I feel like nothing is getting done or they're just waiting around for other people (instead of chasing things themselves). 

active farm ? 

it is probably best to speak with this directly with your local section 8 office.

Cardinal Insurance Group is a local family owned agency that can most definitely help with protecting your investment property.