A renovation company that has already completed over 350 renovations for us will quickly do whatever touchups/repairs are necessary so we can get the property back on the market.Use electronics to control access and reduce turnover time.

Remodel while the property is still in your name to increase its basis, which can reduce future capital gains taxes, and take advantage of the capital gains tax exclusion if you sell within three years (up to $250K for single filers or $500K for married couples).

We're in it for the long haul, we want tenants to stay a long time and reduce vacancy. 

- Run a cost segregation study on this property in 2024 and you might have $100k on line 18...Without diving too deep on this post - If you run this scenario as a real estate professional while materially participating in the property, You'll be able to reduce your's and your spouses taxable income that year... 

If your goal is to maximize liquidity for future deals, reducing your cash outlay or exploring refinancing options could make sense.

While you likely won’t owe taxes due to the loss, filing is still required since the rental property is located in Missouri.Kansas (KS): As a Kansas resident, report the rental loss on your KS state return (KS-40) since Kansas taxes your worldwide income, including out-of-state rental activity.Tax Impact: The rental loss reduces your federal taxable income and may lower your overall state tax liability.

I live in a lower-income area, so I figure that the better tenants you will get with a safe house, the ongoing safety the tenants feel, and the lowered risk of a break-in (when occupied or vacant getting ready to lease), and reduced headaches/vacancy/potential damage are worth the marginal up-front cost of having it installed.

To the OP, if you can house hack in your local area, that would reduce the risk of investing in a far away market. 

We are considering the following options:-I purchase the property from my aunt – Perhaps we can do seller financing to reduce fees?

Imagine making millions of dollars over the course of your career and then having to pay 30-50% every year to uncle sam instead of compounding that cash over time.This is exactly what real estate professionals have learned to mitigate.To reduce their taxable income, they just buy a building every year, do a cost seg, and use depreciation to reduce their tax liability dramatically.Their personal wealth snowball grows much larger and much faster than their W2 counterparts who give most of their money back to the government each year.Following this strategy as a real estate professional is one of best ways to end up with a much larger net worth at the end of your career.