However, Even though the property is in service in 2025, you could still do a cost segregation study in 2026 and make a Section 481(a) adjustment to catch up missed depreciation......Anthony,as a tax professional, I'm confirming what Brian said.You will need to use the procedure he mentioned which involves completing Form 3115, as opposed to filing an amended return for 2025.

Would you be more apt to lender if an investor brought you 2,3,4 or 5 to finance as opposed to one?

If not, start doing it today.Gather your recent improvement invoices (furnishings, landscaping, exterior upgrades)—those are the items you want captured in your study.Have a call with your tax advisor (or find one) who understands STRs and cost segregation and ask: “Are we maximizing this for my STR strategy?”

Although I am not opposed to talking to anyone, but the insights I can share would be specific to this market also.

What's your reasoning for wanting to go JV etc on larger multi-family as opposed to doing for SFR and smaller multifamily? 

Not that I am opposed to this with a company that has founder with nearly 30 yrs of wall street experience, but I would want to hear their track record and how honest they are about it, primarily.

I could really use a gut check from some experienced investors.Here's the story: The seller's initial inspection report on this property came back with several red flags, including "multiple issues with the foundation" and a number of "cracks in the exterior walls."

Major operational standardsNo exterior signage advertising the short-term rental. 

Something relevant that comes to mind for this portion of the book is equity gain as opposed to monthly cash flow in real estate.

Update;I had an "environmental" specialist come by and we noticed additional mold spots on the baseboards of an exterior wall that is shared by two different rooms (pictured).