Simple rule of thumb is demo, then most inner to most outer, meaning: studs, plumbing/electrical, drywall, etc going to outside, then/together with top to bottom.

You can look into a cost seg study to accelerate some of this depreciation.Beyond the basic deductions, keeping a detailed record of shared expenses and understanding the split-use rules can maximize deductions.For house hacks, depreciation is typically taken on the rental portion only (50% in your case).

@Heather LuuWelcome to the forums...As a rule, the final installment always needs to be paid once work is complete.

They are subject to liability if someone sues, and their license is subject to discipline or loss of license if you violate rules/laws and get caught.

I have been reading thier seems to be a lot of rules and regulations.

•Local Regulations: Are there any important rules, taxes, or permit requirements for STRs in Gulf Shores that I should be aware of?

Look up your states rules for activities requiring a real estate license. 

They typically have template leases and then you can add your own addendum with rules, etc.

Can you pull off a BRRRR and 1% rule?

As a general rule, each entity that files a separate tax return (partnership, s-corp, c-corp, etc) will need its own QBO subscription.