From a tax perspective, the IRS typically allows pre-rental work (like the hours you spent getting the property ready) to count toward material participation if it’s directly related to getting the property ready for rent.

“Material Participation”.

I've been tracking my hours for material participation  @Ashley Bitner,Hey!

@Andrew Foster some decent advice here, but also some feedback from those who really don't have enough info to support their perspective.Many DIY investors price repairs on materials only and forget about labor as they do their own work.We're a PMC in Metro Detroit, but here's how our process would work:1) MoveOut Video & Pics used to create Scope Of Work (SOW)2) SOW broken down into Priority Categories:- Health & Safety- Government Required (municipality/S8 inspection requirements)- Property Preservation- Marketing Impact / Tenant Retention- Miscellaneous3) Bids obtained if we feel work will exceed Owner Approval Threshold4) Bid sent & discussed with owner to, "redline to their budget"5) Work begins once owner approves & funds6) Completion video/pics providedOf course, while this is going on our Marketing Dept would be doing a rental analysis & ad, and discussing with owner.

If you feel stuck waiting 5–10 years, selling at a small loss might actually free you up way faster than hanging onto something that’s draining you every month, because that money could be working much harder for you somewhere else.

I’m in the early stages of my real estate journey and joined Bigger Pockets to connect with other investors, learn from people with more experience, and surround myself with individuals who are actively growing in this space.My background is in renovations, and I run Precise Home Renovations LLC, which has given me a strong understanding of construction, materials, budgeting, and project management.

That said, a lot of people genuinely enjoy it because it doesn’t feel like work to them, and they get to see the tax benefits and long-term growth potential.

Im not sure, just feeling lost. 

You only need to materially participate and have the property available for rent before year end.

Once you finish the basement and start generating short-term rental (STR) income, you could definitely use material participation and a cost segregation study to offset your high W-2 income.