Quote from @Jason Malabute: Since the rental contract didn’t begin until January 1, 2025, the IRS would generally consider the property a rental property starting in 2025, not 2024.

There are 2 MH currently, a 2001 and 1997.There is a lot of value add to this property, and is my interest in it.

Congrats on the property and tenants!

Keep in mind that inexpensive properties are inexpensive because they are less desirable properties in less desirable areas and attract less desirable tenants.

I've done this with my properties because I'm well known in my small town and don't want people to know what I own.

Does anyone have experience with buying rental or STR property there or have a connection there that I could speak to? 

For multifamily properties, this is often around 40-50%, but it can vary depending on the property's condition, location, and age.- Analyze Comparable Properties: If you’re working in a specific market, reach out to other landlords or property managers with similar assets.

Having said that, I am a bit concerned as it relates to the overall market, especially in class C properties and most especially class C properties in border states. 

The property I bought a month ago could be sold for almost $1m more today.

I'm not a fan of selling a property that is performing in order to solve a short term problem.