Karlton Dennis Short Term Rental Strategy

[Jessica Phillips]

Hi everyone! 

I'm looking to buy my first rental property this year or next in Florida and I recently attended a workshop on how to save on taxes using short term rental properties by a tax strategist named Karlton Dennis. He talks about how you can purchase a rental property, manage it as a short term rental during the year you acquire it, do a cost segregation study, use those "losses" to significantly reduce your taxable income that year, and then turn the property into a long term rental in the following year. 

He says he can help set up the required LLCs and even find the properties for you. It sounds great but I'd love to know, has anyone actually successfully used this strategy and/or used his services? If so, is it worth it for the tax savings or is it better to just focus on investing in a long term rental property right from the beginning? 

This will be my first investment property and I am hesitant to just hand $30k+ to someone and trust it'll all work out. I know lots of new investors can get taken advantage of like that and I'd love to avoid that. 

Thanks so much! I greatly appreciate any guidance.