Some examples of this would be 1) depreciation calculations such as switching from straight-line depreciation to accelerated depreciation (often used for cost segregation studies when not performed in the year placed in service), 2) income recognition, and 3) inventory valuation such as changing from LIFO to FIFO.Correcting a mistake: If you realized that you used an incorrect accounting method after you filed your tax returns, you can file this form to request permission to change to the correct accounting method so that your tax reporting is accurate.Here’s a chart that you may find helpful when deciding whether you need to amend your return or file a Form 3115.As always, I recommend consulting your CPA or tax advisor as the rules can be complex.What is your experience with filing a Form 3115 or amending your tax return?

As to the HOA you should have been provided or allowed to purchase the HOA documents prior to submitting your offer or obtained them during the study period.

You need to set actual realistic goals, realistic being they key word, pick a market study it, study it again, study it some more than decide if the yield works for you.

Rich, if you had a home study course, I would buy it in a heartbeat!

Thank you for your reply.I have studied and drafted a few important clauses, which I asked the lawyer to translate into legal language, including must-have clauses for a California lease agreement.

These can include inputting your own information and getting a cost seg in 15 min, or having an engineer come to your property and make a more detailed study of your STR. 

Key actions include studying the market, checking out properties, forming a team, getting the money ready, and beginning with something small.

That will be an excellent case study on the above question.

As far as my education is concerned, I have a BA in Theatrical Studies with a minor in business.

A cost segregation study may be beneficial to help reduce your current taxes.