@Jonathan B.Assuming you pass the "material participation" test for 2023 and did not use the property yourself (or used very little), you should be able to treat it as an STR for 2023, including bonus depreciation.  

Would love to compete with it. 

Is that how it would work?

When I floated the idea of buying it from them myself, they said they were open to it if that's what I wanted to do and gave me time to think about it.

If it's below average, I would discontinue the lease when it's up and then do a renovation then put it on the market for market rate. 

In that case, maybe... it is worth it, but probably not. 

The contributions are lower so it takes a while to build, but once you do, it's tax-free investing. 

Most likely I’ll do the 1033-well see.

The buyer is already willing to do everything you could possibly receive in court + more.  2.

I’m buying to improve the property, listing, service, etc so i do it right away.