IRS FAQ on Bonus : "(a) the property was not used by the taxpayer or a predecessor at any time prior to such acquisition; (b) the property was not acquired from a related party or component member of a controlled group; (c) the taxpayer’s basis in the property is not determined in whole or in part by the seller’s or transferor’s adjusted basis in the property; (d) the taxpayer’s basis in the property is not determined under section 1014(a) or 1022, relating to property acquired from a decedent; and (e) the cost of the property does not include the basis of property determined by the reference to the basis of other property held at any time by the taxpayer"

Even if your MAGI is above $150K and you can’t use a passive loss on Schedule E, the loss isn’t gone.

Try looking at 285 E Saint James as a sample in San Jose. 

Property, business cash flow (2 yrs), and FF&E have us in the 1.1 to 1.4 million range.

You might want to also check out this other thread https://www.biggerpockets.com/forums/51/topics/816680-real-e... 

Is it well maintained inside and out where someone e would want to rent it?  

To qualify for additional mortgages, FNMA allows eiter 75% of a lease to offset mortgage PITI ORWhat shows on your Schedule E, adding back the "paper" loss of depreciation.It CAN get a little tricky applying for car loans and such, but you just need to include the rental income in your gross income or under whatever other option that lender allows.

There is no guru course to sell, nor is there an e-book that you must read for free if you pay for shipping.Most of us can't even go in the forums anymore because they are so boring.

From a tax perspective, STR income is generally reported on Schedule E if you’re not providing hotel-like services, which avoids self-employment tax.

For purposes of paragraph (e)(3)(ii)(B) of this section, personal services include only services performed by individuals, and do not include excluded services (within the meaning of paragraph (e)(3)(iv)(B) of this section).