Happy to send over some material that might be helpful as you get started.

In the year of the cost seg, you need to qualify for STR loophole (materially participating in your rental activities by spending 500 hours, or 100 hours and more then anyone else, or doing all the work yourself.)

He also drew  floor plan, elevations, materials list, plumbing, electrical, fenestration, R values list, etc. . 

It seemed reasonable to me  However, it was after I expressed frustration that I had sent all the info they asked for and had yet a to have anyone reach out to me regarding the company’s investment opportunities, I was told I did not fit their customer profile and that they would not be able to work with me.Anyway, they continue to contact me with marketing material from time to time.  

Thus, the taxpayer is not treated as materially participating in the combined rental real estate activity until the taxpayer materially participates under the tests for determining the material participation of a limited partner. 

He thought about it for 30 seconds, told me I was right, and had all his printed marketing materials trashed the next day and reprinted without that line.

I don't do physical work on the property, but I do detailed design plans, and select and buy all the materials.

I'll first start with our due diligence materials. but first, I highly, highly, highly recommend visiting www.optoutprescreen.com.

Given that you have no income, and it's likely you may not meet the material participation threshold for 2023, the loss would then be kept on form 8582 to be used to offset future years of income from the property in the form of a "carryover loss"

Material Participation TestFinally, you must materially participate in each real estate business or property.