The IRS rules are vague and intentionally so.

Quote from @Chris Seveney: @Kody SmithJust went through this with a 2.8M property that thought needed $200k in repairs and it went for $1.8M at auctionPeople are going to lowball this at auction and that close will wait and probably pick it up for around $1.4M well i guess ill offer him 1.9M~ and if he does not take it, ill attend the auction. 

It was a full rehab that I had done with every intention of keeping it as an Airbnb so everything done to it was for that purpose.

My intention is to house hack and eventually STR the property. 

Our intent was to sell, but we are not having luck and need to move in another direction, carrying costs are draining us. 

Ill be posting the info right after I send this reply, so look for it under Events.

The whole intention behind a tax benefit is to encourage you to do something.

Rates are very attractive and we can go to a higher LTV than most on Condos..Intention of capital doesn't necessarily need to be disclosed.

Both 30 days and 60 days are common in traditional leases.In a 60-day notice example, most respectable landlords would communicate 70-80 days before the end of the lease and ask the tenant about their intentions to end or renew the lease.

There is already some great information in this thread but ill add my thoughts as I am in a similar situation trying to get started.