After the property is acquired, during any 30-month period, the additions to the basis need to exceed the adjusted basis at the start of the 30-month period.What is the 50% of gross income test?

Start by analyzing deals, setting clear goals, and building a strong network.

Mine set under the below types. 

For me, I would fix it now so its one less thing i have to worry about - but if the $25k would set you back a lot, then many would wait.

Instead, he seems focused on discouraging me from setting up an LLC due to the fees associated with California.

In STR common markets like Gatlinburg this naturally adjusts itself as most homes are STRs so the entire market lifts to meet their cap rates, and they appraise on those cap rates in spirit, even if not technically. 

@Michael Anderson If the property had been sold, it would make sense to formally assign the lease and deposit to the new owner and memorialize an agreement to collect and adjust rents after settlement, indemnify the other party for things arising during their respective ownership periods, etc. 

Research local market rates to set competitive rents, and consider offering utilities or furnishings to attract tenants.

Bonus points if they could set me up with a LOC!

I started by setting aside a percentage of my income every month, treating it like a non-negotiable expense.