I'm afraid we would have issues applying for a HELOC in the future, but then again the property itself is not in the LLC only the operating business would be if it makes sense.Going back to what Amanda Han said on Podcast 370 (49:30) doing the rental arbitrage short-term rentals you can deduct the monthly rent, (2) However, can we do cost segregation on all the furniture that was purchased?

I have all stainless appliances, leather furnishings, antiques, unique (and expensive) decor, game tables or arcades, large, smart TVs, wifi, and hot tubs.  

We know a STR operator who had furniture stolen during a vacancy, so this gives us piece of mind. 

While not scientific, a good rule of thumb is if it's a bread-and-butter south city duplex/quad without much 'pizzazz' (think formica countertops, slightly dated kitchen/bath) in a so-so or even decent area - stick to long-term and don't waste your money on the furniture or even slight rehab.

Also does anyone have approximate number to get the house ready (furniture, electronics, kitchen supplies, etc.)?

Replacing/ cleaning all fabrics (furniture, curtains, etc)Can be a serious pain in the butt (pun intended) and can get expensive quick.

They are even willing to leave the furniture, which would make it a decent student housing option, but I haven't gotten that far.

When my long term renters move out (getting married, nursing home, etc) I offer to buy all their furniture, appliances, electronics, utensils, etc. 

We are looking to have a minimum of a 3 month stay for renters, with all furniture, heat, water and internet provided.

I bought the furniture, appliances, decor, kitchen utensils, etc... from my friend as a separate deal, used it to airbnb without much effort, took great care of the property for the duration of my ownership.