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?

I've had the opportunity to see what the Attorney's version of the NoD looks like so if there was a situation where the borrower just needed their feet held to the fire and I didn't anticipate a need to go down the Foreclosure path, I feel comfortable sending an NoD letter myself, certified mail with noted stipulations to cure and outcome if not cured. 

Your lender is correct—FHA loans can’t be used under an LLC since they’re for individuals purchasing primary residences.

He is correct that you NEVER take the security for last month's rent for that exact reason.

Handle all maintenance in a timely manner (know how much time you have to respond and correct problems)?  

My thinking is this leaves me with two paths: A) Best case is I pick up the foreclosure for $1M, immediately list it for sale at $1.6M or more and hopefully sell for a > $500K pretax profit. 

@Layla Sewell Correct.

And you are not using the correct terms which is understandable but makes it hard for us to respond.

Literally everything one should, or shouldn't be, do, know, act, will all be correctly guided from those 3 words. 

In fact, the USTC has found in favor of the IRS when a taxpayer did not apply the law correctly (what everyone deems the loophole).