Then just roll into your next one. 

In my multis I always paid the water, and it is reflected in the rent roll.

@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.  

We purchased 133.7 acres January 20th of 2024, we then proceeded to subdivide 4 building lots, ( two 10 acre lots,  and two 2 acre lots)  which included costs associated with septic testing,  survey & subdivision, and property maintenence required to market the building lots.

I think I was fortunate to find a roll outside of real estate to diversify my income across two different sectors of the economy. 

Everyone was just rolling with the punches there for a couple years. 

A duplex is more flexible as you will have privacy on your side and can test out any strategy with the other unit ( LTR, MTR, STR, rent by the room).

I don't really need to know much else about someone - if they can't pass this test, why should I believe that they will be able to run a business that will generate cash?

Obviously every situation is unique it's on you to check with your intermediary and lender to determine what price range would be realistic to start looking for deals in before it closes so you are ready to roll. 

I can see where you're coming from, as we're testing new formats and guest combos on both shows, and the distinction can be a little blurry.