Based on all the facts and circumstances, you participated in the activity on a regular, continuous, and substantial basis during the year.

Once water gets back on, I don't think it would be super difficult based on current circumstances

Quite a steal and they get snatched up pretty quickly but if you crunch the numbers, even with the high interest rate you get pretty close to cutting even on your rent (after you allocate X amount to unforeseen property costs)

Does anyone have any tips or advice for getting started in my current circumstances?

Each building will have their own stipulations as @TomCasey mentioned, but the 32+ day rule may help to bypass them in certain circumstances.

Quote from @Christine Cho: Yes, it was the penalty I paid for not being firm and not knowing what do to...it seems like alteration request being used as way to get more refund is not new issue, and until Airbnb fixes this hosts have to be aware and plan for the course of action and stick with it.Agreed with the above- unless there is an extenuating circumstance where the blame falls on you then you don't owe them anything.

Guru BS - A guru charges $30k for mentorship of a program that while legal is only doable in a very limited number of circumstances and or his “training” in no way prepares the student to successfully implement any real estate investment strategy let alone the one the guru is selling 4.

Then you have wiped the slate clean on the loss carryforwards, that $200k of released loss carryforwards offsets ordinary income first - so you will actually get a great result.Then, in 2025, when you have no more pass loss carryforwards, consider making that real estate professional status aggregation election, and utilizing cost segregation on properties you acquired in a prior year.Of course all of this - get some real tax help, I'm just another guy on the internet here, and there should be a deeper dive on the circumstances than what you can get through a forum posts to ensure this all actually works properly in your situation.

When it is a new development, it isn't uncommon to see someone use the date the Certificate of Occupancy was issued - perhaps that marks the "ready", but it still might not be "available".So you can certainly have a property in service in a given year, but not actually have any rental income - but certainly your facts and circumstances are much better if you can actually get a tenant in there, that (should) shore up your defense on that question ever coming up unless you are playing weird games just to get a given in service date for tax purposes.

Under normal circumstances a fee to manage the contractors and construction process seems appropriate, but one of the GPs owns the construction company that was used for the renos.