I’ve been consistently page 1-2 for 2 guests in the Smokies with 49 images, but it probably is a good rule of thumb to find some cuts for the fall and sunset pics rather than just dumping more in.

Its not exactly a clear cut answer as to when the veil is pierced as its a legal matter of "facts and circumstances." 

(unless you have an uncle willing to cut a check) You might be able to get into the mid 6% range on a 30 year but that would probably be the lowest rate that you will find.

This is particularly true for tourism-dependent STRs (tourism-dependent markets tend to get hit hardest in recession, because recreational travel is often the first thing people cut from their budget in a tough economy).To make things even more complicated, Air Bnb recently changed their platform significantly to focus on A+ top-end, highly unique properties (think: luxury waterfront treehouses).

Guess what, electrical is even more expensive because you have to cut through the drywall to run electrical, then patch it back up, paint it, etc. 50K ain't enough for all that I'm sorry.

Secondly she wants new flooring in the kitchen because there is a small cut in the vinyl where a knife dropped.

As other's noted, you will not find investments in this market that generate 16-33% annualized cash on cash returns without relying on possible sale proceeds (which then means you cut the income stream) and typically even then you will be active.Since you are trying to create income that sustains you, risk is a very real factor, as is level of involvement.  

If you have bought and sold enough maybe you are more knowledgeable than a realtor, but don't do a disservice to new investors thinking that they can cut corners by buying without representation. 

Are there more protections on Airbnb that would make it worth it despite the cut they take?

Every broker will tell you they have training, but I personally thing you can cut the fluff from the stuff by seeing where they do it.