I signed a one-year note, starting at 18% interest and accelerating to 20% in the second year in the event of non-payment, which technically the note is now in default.

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?

This fact makes accelerated depreciation seem unattractive as it feels like we are not getting any IMMEDIATE benefit out of his half of the depreciation expense.

STRs require more hands-on management, but it’s a viable option for reducing your taxable income without needing REPS.You might also consider a cost segregation study to accelerate depreciation on the rental, creating larger upfront paper losses.

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@Brad Herb Costin makes a point about Cost Segregation accelerating depreciation. 

Many cost segregation firms will provide free estimates of the accelerated depreciation along with pricing.

Additionally, there is specialized equipment including diagnostic machines and hydraulic lifts.The use of the accelerated depreciation strategy helps real estate investors to reduce the tax liability immediately which therefore increases their bottom line due to the offsetting of income.

If you're comfortable taking on more effort for bigger rewards, BRRRR might be the way to go.From a tax perspective, BRRRR may be better because you can potentially benefit from accelerated depreciation on the property, which can help reduce your taxable income and give you a bigger tax advantage compared to a turnkey property.

It means they can help you accelerate the depreciation on the property, which will help you lower your taxable income