Is this a new build?  

Keep in mind that only the "building basis" can be segregated and will benefit from accelerated depreciation.

HelloOver saturated STR in Ohio markets have caused many STR to drastically lower costs to as low as  $100 for entire bedroom home.My are higher and I'm not competitive with the lower cost Abnbs.I also feel hotel industry are mass building new hotels to compete with str. 

I do want liquidity to invest elsewhere which is why I'd like the cash back from the reno ASAP, but I don't need liquidity equal to the value of the house--just the basement build-out, if possible.With option #3--how do you "cash out immediately"?

With the right strategy, it can become the foundation for building wealth.

I’m excited to learn from this community, share ideas, and build valuable connections.

Then as you build your portfolio look to hire a new Tax Accountant or CPA to match your growing needs.

You're better off focusing on specific markets, specific neighborhoods, analyzing numbers, and building an ideal buy [box].

these investors were all chasing easy OOS cash flow:https://www.biggerpockets.com/forums/963/topics/1195280-expe...https://www.biggerpockets.com/forums/48/topics/1160450-run-i...https://www.biggerpockets.com/forums/48/topics/1137397-balti...https://www.biggerpockets.com/forums/52/topics/1010977-12-00...if you're serious on investing in an OOS market i'd pick one, get to know it, go to it in person, and build a team, and then determine what would you need to do to get a good return in that market. 

The options are, demo the lot, split the lot and then sell 2 lots to the builder or build myself.