thanks for the help I am not a tax expert and so can't tell you WHAT to do, but I can give you some things to look into at least....Since you mentioned STRs you should look into bonus depreciation...You also mentioned cost segregation.

Also, Indianapolis has been paying 20% above the Fair Market value of rents with no Cap on rent increases,  which is a big bonus!!

Since the property is already renovated and rented, there’s less opportunity for big deductions like rehab costs or bonus depreciation from a cost segregation study.Where investors sometimes miss out is depreciation planning, the turnkey provider sets everything up, but rarely talks about how to structure ownership or when to group properties for tax purposes.

@Chris Watson, also true — I’ve seen beachfront and amenity-heavy condos outperform nearby homes when the buy-in is right.From a tax view, condos often win short term because less land = more depreciable assets under the new bonus depreciation rules.

What would you do with the bonus?

It's been, and will continue to be, one of the stronger vacation markets on the east coast, and from a tax strategy perspective, I can still plan on bonus depreciation, which is material in my individual case.Thanks for any thoughts from those on the ground, or those with existing STRs in the market!

Before you move forward with a cost segregation study or any major investment, the first step is to make sure that you’ll actually benefit from bonus depreciation in your situation.

It’s just a bonus that I only pay 1.5% instead of 2% commission (buy and sell) and 6% management instead of 8% on homes purchased through them.

Appreciation is nice, but it shouldn’t override your scaling plan.Yes, West Town / Ukrainian Village is the stronger appreciation play.But appreciation is bonus wealth, not buying power.If your immediate goal is to acquire again quickly, smoother underwriting is going to move the needle far more than theoretical appreciation.4.

With this you may be able to  take advantage of Bonus DepreciationI would be happy to compare your deal if you had more specifics.