Meaning we would treat it like a business from tax perspective with reporting income/expenses and still be able to perform cost seg/bonus depreciation?

I diversified by operator, asset class and market and used the cost segregations and bonus depreciation to offset all of the gains from the sale of my active real estate. 

The cash flow you do receive in the mean time is just a bonus. 

Bonus points if they know a good handyman to help when things break down.

The proximity to VCU is a bonus for minimizing vacancy risk.

The rental income from roommates was a bonus. 

That's bonus points with the judge!

The bonus here is that you are paying back the loan, and its interest, with contributions....as in the 100% match you are getting. 

@Jennifer Manzella SavvaSTR's do have some unique differences from their LTR counterpart.There are unique tax laws if you provide substantial services.STR's are normally furnished by the owner which may be eligible for immediate write-off / bonus depreciation.

They are non-profit in terms of distribution of profits at the end of the calendar year (after salaries/commissions/bonuses/etc are done being paid out, of course), but for 11.9 out of 12 months, they function as for-profit institutions like any other.