This would qualify the property for long-term capital gains treatment. also, if you command decent rents, it’s going to help you flip that property at a higher price point with solid tenants.I also agree with the sentiment that if you decide to flip it and pay tax that’s a good problem to have because it means you made money on your flip and that’s the goal!

That said, I understand the following:Complete a Title search and visual inspection (as possible) on the properties to understand any other issues.Register for the sale.If successful bidder, I would be responsible to pay the bid amount, transfer tax, recording fee, and deed prep fee. 

If you allow pets (and most people treat their cats / dogs as family) and a good portion of the tenants have pets, partner with a local veterinary clinic that will provide a free visual exam or similar service.   

Most mold is on the surface and can easily be removed with a bleach solution or one of the many mold treatment products available.

If not in the city, and not in the ETJ, then it's a lot easier, provided you can get water (probably need to drill water wells so thats a separate ground water district) and sanitation (some sort of onsite sewage treatment).

Things like septic pumps burning out, steam room dying, guests catching the grill on fire and leaving burn marks on the hardi siding, emergency bug treatment, above ground pool which is ridiculously hard to manage in our heat & having no time to deal with it if it starts to go, laundry & drying time for all the towels and linens, etc, etc.There are plenty of things we can and will get better at, but I'm prioritizing the stress level of my people as well as the very near disasters we've narrowly avoided, over the little bit of extra revenue we'd generate.

I am probably going to try renting my unused basement for STR in any event due to incremental cash flow (STR loophole or not due) but wanted to check on the right accounting treatment. https://podcasts.apple.com/us/podcast/tax-smart-real-estate-...

Also, have visualized in achieving financial freedom through real estate is possible.

It starts with a visual inspection and confirmation/denial. 

After the cost segregation study was performed, this was the new asset allocation breakdown by useful life.Here are some examples of what types of assets are included in each of these asset classes.5 Year Useful LifeSpecialized equipmentCabinets and countersRefrigerators and microwavesSecurity alarm systems and telephone connectionsDecorative wall treatments, ceiling fans and flooring15 Year Useful LifeSidewalks, landscaping and asphalt pavingSignage and site lighting39 Year Useful LifeDoors, walls, roofing and windowsFlooring, drywall partitions and ceilingsEmergency lighting and restroom fixturesPlumbing, HVAC, and electrical distributionThe use of the accelerated depreciation strategy helps real estate investors to reduce the tax liability immediately which therefore increases their bottom line due to the offsetting of income.