Maybe give a credit here if any items or foods were damaged. 

Ask for the application and screening reports like the credit report, background check and application.Check the property conditions - ask to see a copy of the lead certificate, rental license and rental inspection.

Taxes are 10k/yr 2.

I have a large amount of passive activity losses on my tax returns which will carry forward (not REPS so can't offset my W2 income) I don't know anyone who retired early/quit W2 at the age of 40 from their stock portfolio.

It's a great way to push the capital gains tax down the road if you decide to sell and purchase another investment. 

On the other hand, STRs present higher income potential, flexibility in pricing, and potential tax advantages, but require active management, adherence to regulations, and may entail unpredictable income.

So, reducing the income tax is always a plus. 

Your cash flow, is it all net after income taxes?

Hi BP,What is the typical arrangement for partnerships when one partner does not have capital to invest but they have all the other elements:Partner 1:Owner-occupied,  Great credit, No capitalPartner 2: Non-owner occupied, Capital , Great credit Does partner 1 get a percentage of equity plus percentage of cash flow? 

Any construction will come with LOTS of permits.I don't know SLT market, it's CA and im in NV, but I've helped more than one person sell in Incline and buy in Reno because the numbers work better for them.I suggest you look into property taxes, and tenant protections of NV vs CA.