We purchased a property in early October and are placing it in service this week (mid November).We had intended to run a cost segregation study and try to accelerate depreciation which we can deduct against our W2 (assuming material participation).However, we have been reading through the IRS guidelines (eg publication 946 on Property Depreciation) and there seems to be the concept of "short year" which would mean that we can only deduct ~1.5/12 of a year's worth of depreciation in 2024.Is this correct or are there any different rules for STRs specifically?

Be sure to take advantage of the excellent tools and networking opportunities available on this platform.

He is correct that you NEVER take the security for last month's rent for that exact reason.

Given the infrequency of turnover, it all feels very manageable, especially when using PMS tools that help with messaging and reminders.

I'll defintely dig into all of those tools. 

Handle all maintenance in a timely manner (know how much time you have to respond and correct problems)?  

But off-market it's just about getting the correct info so it could work.

Be sure to check out the free tools BP provides to help analyze deals you may have and also market insights.

Be sure to check out the free tools BP provides to help analyze deals you may have and also market insights.

If you decide they're not a good fit, then vacate them and release with new tenants that you actually correctly screen and lease to.