So, my questions are:(1) Is it practical to rent out the basement as Airbnb, but the main floor as the long-term rental? 

Real-estate transactions are highly specific, and you need highly specific advice for each one.I have spent what most of you would consider and exorbitant amount of money on real-estate education, but not until after I had already consumed AND put into practice what I could learn for free. 

I know why someone would want to do it but do not think it is a good practice.

Anyone involved with these things that have formed a company have any advice on accounting practices?

I share a lot of things here on BP but our HUD system took a lot of time and effort to tweak to the point where we're getting practically 1 deal a week....and that is something I can't disclose.

All I've heard is that they are nearly impossible to do....or at least not practical because all the legislation.I would love to know how, if you are currently doing them!

Are they implying we as landlords need to practice affirmative action? 

Please understand that Qualified Intermediaries, in general, are not licensed, regulated or required to be insured or bonded and have no minimum equity capitalization requirements.We recommend that you consider the following risk criteria prior to selecting a Qualified Intermediary:(1) The technical expertise and experience of the Qualified Intermediary(2) The level of protection provided by the Qualified Intermediary's errors and omissions insurance coverage, which protects you against possible mistakes made by the Qualiied Intermediary(3) The level of protection provided by the Qualified Intermediary's Fidelity bond coverage, which protects you from potential theft or embezzlement of your 1031 Exchange funds by the Qualiied Intermediary(4) The practice of using Qualified Trust Accounts or Qualified Escrow Accounts to ensure that your 1031 Exchange funds are protected by law as fiduciary funds(5) The protections provided through licensing, auditing, and regulatory oversight by regulatory authorities I hope this helps, and if you have any questions please feel free to give me a call or pm. 

I practically had people begging me to rent.38224 HIXFORD Westland MI. 48185http://moveinmichigan.com/ListView.aspx?

Here that has become a requirement by law, but is good business practice anyway.