Despite being aware of the initial no-repair status, I opted for a home inspection, which yielded pleasantly surprising results with minimal concerns, primarily cosmetic.

I purchased a home about 5 years ago for $365,000 and today the home is worth $650,000. I'm buying another home and renting out this one. Will my depreciation be based on the purchase price or what it is worth now?

@Evan Loader, I am guessing you have already explored the guests on podcast routes, as particularly within the BP "sphere of influence" that is the preferred marketing route, particularly for 506(b) operators.  

@Darren Maloney If you are obtaining REP status, cost segregation and bonus depreciation could be a great tax savings benefit to you.

The amount you can write off phases out if your AGI is above $100K and goes to zero once you hit $150K.If you qualify as a Real Estate Professional Status (REPS) then any passive loss can offset any active income.  

Short-term rental loophole and REPS status are the main paths to follow! 

I am going to accept my newbie status and ask a silly question.

They're passive losses but I'm tracking my hours to see if I qualify for Real Estate Professional Status. 

The agent told me that Tower Hill (the insurance company) can’t adjust the occupancy status and that I’d have to rewrite a new policy for occupancy.

The agent told me that Tower Hill (the insurance company) can’t adjust the occupancy status and that I’d have to rewrite a new policy for occupancy.