The financial viability of the strategy is maximized when a Cost Segregation Study can allocate a high percentage of the purchase price to short-life assets (like furniture and fixtures), leveraging the current 100% Bonus Depreciation to create a substantial "paper loss" in the first year.To use the 100% Bonus Depreciation against your 2025 W2 income, the STR and its eligible assets must be fully "placed in service" by December 31, 2025.

Typically, you want your monthly rent for a mid-term rental to be twice the traditional long-term rental rate to cover the higher vacancy, furniture costs, and utilities.I live in Santa Fe myself, and would be happy to discuss specifics about the market.Jens 

If you need to make some design improvements - have the furniture ordered the day or closing and the photographer soon thereafter.

.-  Fall stuff, seems like a never ending list of outdoor tasks for the season, mostly around pulling down a harvest and getting the beds ready for next year.

I do not have a lot of cash flow in general, so I would be taking an interest free credit card to pay for the furniture and if I evened out for a year then started making profit that would be great.

That means your STR losses, especially if you do a cost segregation to accelerate depreciation (don't forget about deducting furniture, supplies, utilities, cleaning, and repairs) can offset your W-2 or other active income.So even if you can’t hit REPs in 2025 because of your W-2 job, you may have already qualified for the STRs rules without realizing it.

I literally walked in one last month with mold and mildew growing on the couch and other living room furniture. 

Here are a few brainstorming ideas:Outdoor LivingMust have potential for high-impact features like fire pits, hot tubs, dining areas, or outdoor games to significantly boost appeal.Views & ProximityProperties with desirable views or close proximity to water, nature, or main attractions offer an enhanced guest experience.Premium Interior FeaturesPotential for dedicated game rooms, high-speed Wi-Fi, or comfortable dedicated workspaces to cater to diverse guest needs.Easy ParkingAdequate and convenient parking for the expected guest group size is critical for convenience and securing 5-star reviews.Garage to Game Room ConversionIf driveway parking is plentiful, converting a garage into a functional game room or extra living space offers amazing added value.Noise & Light AbatementEnsuring quiet enjoyment of the property through noise reduction measures enhances guest comfort and prevents issues with neighbors.

We do some outdoor storage (no room for indoor storage), but storage is absolutely a great business and really needed.

Since you bought the property in December 2024, your components fall under the old schedule, meaning 40% bonus depreciation applies in 2025.You’re right that building structure doesn’t qualify, but items from a cost segregation study (like appliances, flooring, furniture, and landscaping) still do, just at the 40% rate.So even though your placed-in-service date is May 2025, the purchase date controls eligibility for 100%.