How much is the deductible?  

@Frank ChinBased on the opportunity value of cash your equity, if your mortgage free, is most likely creating negative cash flow from your investment property.With the opportunity value of cash at a minimum of 10% for every 100K in equity you must deduct $833/month from your rental income to insure a accurate accounting of your TRUE income.Investors must keep in mind every property has two separate income generating streams.

It will allow you to deduct 100% of assets with a useful life of less than 20 years for 2022 and 80% in 2023.

It may not be here tomorrow, and taxes won't matter then.That said, if you're trying to estimate your future tax benefits, keep in mind these things:- depreciation is only applicable to rentals- depreciation starts when you place the property "in service," not when you buy it- depreciation increases your deductions and consequently your tax losses, but you may or may not be able to benefit from these losses, depending on your overall tax situation- if you do have room for additional depreciation, you may be able to amplify it with cost segregation (a separate topic) 

Quote from @Levi Bennett: Agreeing with @Carlos Ptriawan, it is a bit of a post-recession for STRs..

It does NOT mean that if you buy a Safeharbor 401k document that you're "safe" from severe IRS & DOL penalties if the plan is not operated compliantly.From a plan design perspective, "Safe Harbor 401k" is often NOT the optimal design and results in unnecessary costs to the business owner AND missed tax deductions.

They also take too long to pay their invoices, and on top of that they deduct 10% from the payment to us for "commission". 

And if you hire a property manager, deduct another 10-12%.I think this property could work if you are careful to set aside the cash flow and build a solid reserve.

And then when you say gross $85k, I'm deducting all expenses for mgmt, PITI, utilities, etc. and coming up with a net (for example $30k leftover). 

A new federal law levies specific requirements on all association boards with some heavy fines; you can search "Corporate Transparency Act" or read my article on that here.