The best way to think about it is you're in the business of renting a property-that business isn't operational until it's ready and available for rent (aka in service). 

The idea is too pay some bills and continue in our real estate journey. 

I'm currently in the market for a Tax Pro that can assist with my relatively basic returns and continue to assist with a tax strategy moving forward.

As you gather all this information, I would continue bettering the process and continuing to buy deals.

Despite the house being operated for years by the prior owner as a STR. 

Los Angeles County continues to grapple with devastating wildfires that have claimed five lives, destroyed over 2,000 structures and forced the evacuation of at least 130,000 residents.

You could create an operating agreement granting one of you the powers - but it is a fair amount of energy/time/activity for someone to manage and find deals.

I operate out of Nevada so have known of Anderson for many years.

How bad is this going to continue to hold back the CRE market?

The tax benefits refer to the tax deductions from mortgage interest and property tax.The returns mainly rely on appreciation, and the cash flow only improves in the last few years, also depending on securing the 5% refinance rate.I've learned a lot from this forum, but as I start to operate on my own, I'm still not completely confident.