@Jonathan B.Assuming you pass the "material participation" test for 2023 and did not use the property yourself (or used very little), you should be able to treat it as an STR for 2023, including bonus depreciation.  

Ran into many problems with contractors along the way, paid for some material twice as well as some projects to be redone.

I have a lot of extra materials from the first renovation.

This waterfall would materially limit your upside as an LP if the fund ends up being highly successful. 

Once I sell that I’m gonna convert to a fourplex and do the ADU.going through cash quickly and also using credit cards when possible like to purchase materials.

Looking for suggestions on any specific building materials, fixtures, accessories, furniture, and tech for a STR.  

That is true with almost any material item.

There are some potential material benefits to GSE independence.

Hello BP Team…We have a contractor that left after the 2nd Draw and stole materials.

Over the past decade, I’ve built and managed purpose-driven homes in CA that serve communities while generating stable, long-term cash flow.In addition to running care homes, I also consult with aspiring care home owners across multiple states, including Texas, Arizona, and Michigan (Detroit area).