This is what the assessed tax value will reset to after you purchase.  

Quote from @Parker Bullard: I'm looking to purchase my first investment property and need help figuring out a strategy that will work for me.

Purchase price: $160,000 Sale price: $170,000 Contributors: Peter Vekselman Partner Driven and Jamari Sprueil secured this Dover Ct property in Riverdale, GA, for $160,000 and successfully sold it for $170,000 on the same day.

My current purchase (closing in February) is a luxury cabin that will be an STR.  

Also, stay away from Insula Capital AKA Atlantic Capital Holdings out of New York (Long Island) I didn't lose $200,000 but lost $10,000 plus on a deal they gave us a funding letter for $300,000 cash for a flip we were purchasing.

We offer 10% down on the purchase price and fund 100% of the rehab.

I am looking into purchasing a STR in a different state and was wondering if you would be willing to give me some tips you learned along the way?  

While not mandatory to purchase in an LLC, I would recommend it.

Here’s a breakdown of some of the information you may need to provide for a cost segregation study.For existing buildings:List of equipment on the propertyProperty settlement stateAny appraisals or purchase/lease agreements Property maps or blueprintsSchedules, change orders or documents for future renovation plansSupporting documents for calculating real property book valuePrevious purchase price allocations that separated assets into their appropriate allocation and valuePast site inspections and photographsDocumentation that proves or records deterioration of assetsFor new construction:Contracts or contract paymentsLand and property sizeBlueprints of projectList of equipment involved or purchasedList of projected costs including costs for land developmentApplicable site inspectionsConstruction schedules and payment requestsPhotographs of completed assets or work in progressCost segregation specialists typically have an organized plan for the collection and analysis of the information provided.

The tax is based on selling price minus purchased price.