Given your situation, I see both pros and cons to the 15-year vs. 30-year mortgage.The 15-year option makes sense if you’re comfortable with the higher payments and want to build equity faster.

Accountant said use MACRS (Modified Accelerated Cost Recovery System) 27.5 years.

I would live in it for the next year while renovating it to be ready for STR once I leave the area. 

Next year we can see how accurate the forecast was.I personally would take properties in most of those cities over many midwest cities for a long term hold (10+ years). 

I agree with @Isadore Nelson, there will be an initial sting due to to the IRA transaction but with quick math at 8% your 60k will generate about 4.8k in year one, in 4 months at 1.3k you've already eclipsed that, their will also be a larger tax for passive income and an initial penalty from the IRS, but it won't erode the 8 month difference let alone the yearly compounding effect.

However, when reading the FHA Loan Contingency Exhibit, section 20 reads: Home Warranty:If the improvements on Property are less than one year old at the time of Closing, Seller shall, if required by FHA, provide a home warranty certificate acceptable to FHA.Does this mean I have to personally warranty any issues on the property that may arise within a year or buy a home warranty from a company that offers that.

These homes were built 50 years earlier and originally sold for $10,000.  

Spent time in Marblehead this past summer where EVERY HOUSE was at least 100 years old, many pushing 200 years old!

Quote from @Ken Daly: Hi all,I am 1.5 years into my REI journey.

I have a client who bought a few years ago and has been doing well out in that district.