You basically need to assign a value to all of the personal property (furniture, appliances, TVs, kitchen supplies, etc) inside the STR and they'll send you a tax bill based on the total. 

Also, I included the cost of new kitchen appliances as depreciation.

You can't have 2 cooks in a kitchen" per se.The best suggestion for a "partnership" would be where one gives the money, the other does all of the work.The one giving the money must know exactly how much percentage or profit he/she is getting and be 100% happy with it.The one doing the work honors the agreement no matter what.

That's why we're eager to dive into our next real estate investment.We're on the hunt for a property where we can reside temporarily during our upcoming kitchen remodel and later rent out.

Some of the work we did ourselves, but most of it we contracted out.Fast forward to today, We spent about 70k on all new bathrooms, flooring, minor upgrades, and a badass kitchen.

Furnishings, kitchen supplies, etc. etc.?

I'm located in the Dallas area and from what I have learned from YouTube University, Stainless steel is the way to go for the kitchen area.

All he had to do was measure and cut a hole (which he ended up doing anyway) like it's done with all plumbing when installing cabinets.3) needed to add power the new ceiling lights in the kitchen, so the geniuses removed the dedicated computer outlet, rerouted the computer outlet to an old fuse box that supplies 1/2 the power to the house (don't ask me why, I moved into the house with1/2 fuse 1/2 circuit panel).

Rehab consisted of complete gut renovation of kitchen/dining area, new hardwood floors and refreshed bathrooms (new vanity and paint).I am bullish about the long-term appreciation prospects of the property and have trouble envisioning the hold strategy over the next 10-15 years. 

HVACPlumbing Electrical RoofStructure Any of these could be $0 to $30,000.Then flooring,  kitchen,  bathroom (s)$3500-$20,000 ,Each.