In this case, would the IRS reject a prior return's use of a DIY if a full engineered study supports or exceeds the deductions that it reported?  

My understanding is that although it can work, these types of legal agreements have big downsides compared to sub to.

Do one task at a time in each app to compare apples to apples.Load a property with pictures and details.Market that property.See what your marketing looks like from the public's perspective.Submit a fake application to see how easy the process is.

Also, when not occupied, the PITI on a high-end home can quickly erode prior cash flows.

A property doesnt increase in value just because an STR is run successfully on it. its value on paper is based on the comparables in the area.

Can they be more hands-off compared to other types of businesses?

You can read a book and multiple books, but unless you are out there doing it (I.e. getting bids and getting contractors to truly get you an exact estimate) you will be far off from the numbers you want and may even lose money on the flip/rehab.The best advice I would suggest in my experience is that you should get into the line of work by either partnering with someone or working with someone on some projects prior to going into a flip on your own.

Hello,I’m currently investing in some units in the village of Sagres (Algarve) and prior to this process, I’ve done a market analysis for the short term rental market, which I have in mind for my properties.

The home was a rental property prior and had been sitting.

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.