We are now doing short term rentals but we're thinking about changing to a small wedding venue. 

We are not real estate professionals.1) How would you handle the classification of the property in the 2023 tax year and would you utilize a STR depreciation strategy?

The resident pays the second month on time and then, and only then, do they get the concession.If the market is soft, and we are having trouble renting, before we consider concessions, we look at the product, the marketing, and lastly the price.

But the rents don't justify it, for example we are renting a 3 bed 2 bath house with a huge backyard in rancho Cordova for 2350/mo, so duplex rents around here are 1800-2200 ballpark.

Yes, 2 percent.Then again, we are heavy with staff so that stuff gets done for our owners.

Part of the investment thesis was getting it for a bargain, then building an ADU complex on it as affordably as possible, getting it to cash flow, and realizing value on both the rental income but also property appreciation given the work going into it.If the property will really only be worth ~$1.70M once we are finished, I will likely just stop the project now and exit the house as soon as possible.If you do not get dollar for dollar for projects such as this, how would house flipping ever work?

I have no idea why, it seems obvious to me that things wear out over time, and especially with most being aware of depreciation I have no idea why there is a disconnect as to where depreciation stems from. 

We have couple turnkeys, and couple of BRRRs that we did so far (all are single family residential properties with long-term tenants).We are interested in exploring commercial real estate, and wanted to get all of your help in getting started. 

Looks like they have an event in Edmonton this weekend.  

If you are in Miami or surrounding area, there are likely tons of networking events.