@Pretty Khare As Ruben and John mentioned above, you can utilize a cost segregation study on your STR property to reduce taxable income (or create a taxable loss) to offset against your W2 income, but you need to ensure you are following the IRS guidelines very carefully.

Benefits of cost segregation really come down to personal tax positions… they can definitely help you lower taxable income but it’s situationally dependent. 

Do you increase the rent by strictly calculating the increases in your insurance, taxes and etc ?

Each area has a table owners can use to calculate the deductions for utilities they do NOT want to include (or can't - like MFR with only one water meter).

We will calculate that plus any other debts to be under 50% DTI.

From online research, I was able to find out that other cities in Ohio tax all your income (w2 & rental income) if you own a property there & some give you a small credit for taxes paid to other cities.My question is, if I buy a property in Cleveland (or a CLE suburb), would my w2 income be taxable in Cleveland (or a CLE suburb)?

By accelerating your depreciation schedules, you reduce your taxable income which in turn increases your operating cash flow.

Some quick heloc calculations I could be approved for maybe 150k. with 8.35% rate 20 year repayment = $1287 bill.

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

The Mortgagee must use the current subsidy rate to calculate the Effective Income