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?

Ideally, along with your mortgage payment, you’d want to set aside funds on a monthly basis for repairs, vacancy & capex if applicable.

Rent $12 /Year - including All expenses  Current owner spent - significant expenses on repairing HVAC - new condenser, Chiller ,Boiler Elevator Repairs 

You still need a downpayment, closing costs, inspection money, repairs.

You may already know this but as a good rule of thumb if Property purchase price plus rehab is less than or equal to 70% of the After repaired value you are going to be a winner 9/10 times.