We purchased a property in early October and are placing it in service this week (mid November).We had intended to run a cost segregation study and try to accelerate depreciation which we can deduct against our W2 (assuming material participation).However, we have been reading through the IRS guidelines (eg publication 946 on Property Depreciation) and there seems to be the concept of "short year" which would mean that we can only deduct ~1.5/12 of a year's worth of depreciation in 2024.Is this correct or are there any different rules for STRs specifically?

See details below.Two weeks ago, I got in touch with a seller looking to move from a his house that needed a lot of work.

But my 4 renters are in there 30's-50's and work 50+ hours / week building naval ships and submarines and they enjoy being close enough to walk to the shipyard and coming home to a brand new house with all the modern upgrades. 

Quote from @Andrea Lee: Hi all,I'm set to close on my first property ever next week in Cleveland Ohio.

We've fixed the handful of items they listed.Unfortunately, two or three weeks ago I got an email from a code enforcement about this now year old citation.

If my clients are over the age of 55 there is about a 50% chance they are moving out of state to retire so I am interview other agents pretty much every week.

ie: This weeks mark down is next weeks comp for the next PM.

-Rentals are very labile - some rent in less than a week for more than expected, others take two months or more despite being listed for less than they were previously rented for two years ago-There is no cash flow in A or B for new purchases unless you want to put down 30% or more, or find a unicorn deal.

It’s a nice place and I hope to rent it out weekly from time to time to help cover the mortgage ($1,850/mo w/ taxes, etc.)I just found out from a personal conversation with the owner that a Lake House down the road will be going for sale and I was given the option to buy it off market.

No one can explain how this happened and it was recently surveyed 3 weeks ago with the measurements in the attached picture.