Once on the verge of being scrapped, the ship has undergone $45 million in repairs, boosting visitor numbers and profitability.

not in Alabama, not in California. think about a down payment, closing costs, light repairs, rent ready costs, commission to the property management company, then you fix a dishwasher, then in year 2 the furnace goes. 

Their pro forma sheet doesn't take into account ANY vacancy or repairs when calculating cash flow, and the rent comps are...ambitious. 1.

Do I have reserves for the inevitable repairs?

true cash flow is only going to come either (1) after many years of ownership, when the property is stable and rents have gone up; or (2) with a completely different, probably tougher strategy or niche.think about a down payment, closing costs, light repairs, rent ready costs, commission to the property management company, then you fix a dishwasher, then in year 2 the furnace goes.

You might also want to consider a credit repair strategy to strengthen your application.

When I give the repair bills & purchase price to my CPA, how will this differ from my typical expense deductions, since this is such a huge expense (for me thus far) and the house will have been a work in progress all of 2024?

I go and stay at my STR a few times a year to check in on the property and make updates or repairs where it is needed.

All these repairs were made with the expectation that the problem would be corrected.

I know there are the obvious PITIA items but what about property management fees (I plan on using a property manager), maintenance/repair allowance, and vacancy allowance?