Won’t pass muster with governmental authorities2.

Put in place a no pass zone there and along the ocean coast. 

@Marc Robinson if it is on a lagoon I would pass on it based on that alone.

I've painted more walls, ceilings and trim work than I could ever count in my lifetime and *I* suck compared to professional painters, and most of my paint jobs could pass for lower-end professional jobs. 

Looks like is passed in 2022, effective this year.

.- If you hold a rental until death, you can pass it on with a stepped-up cost basis, limiting captial gains if then sold (limited by inheritance tax limitations).Too many newbies on this site trying to replace their day job income via "passive" real estate investing w/o digging deep enough to understand how it really works.

Luckily for me the state of Florida has state level protection which bars municipalities from passing new or amending their existing laws.That said, I am seeing cities like City of Saint Pete crack down and are enforcing their laws for the first time in years.  

Just a blank sheet of paper.By yourself, put together a first pass at what you envision for your wife and you 3, 5, or 7 years from now.

Ahead of tenant placement you have to pass a pretty thorough inspection which includes pretty much everything.10% maintenance is reasonable for year 1-3 and thereafter 15% for year 4 and back to 10% again for 3 more years.  3.

@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.