@Ryan YuWhen you refinance a property, you’re essentially taking a loan against the equity in that property.

Imagine you bought a property for $2M.The land (excluding any structures) is valued at $400K.Since land is not depreciable in the eyes of the IRS, we subtract the land value from your purchase price to get your depreciable basis.Your depreciable basis is simply where a cost seg engineer starts from when allocating your eligible assets into either 5, 7, or 15 year property.In the scenario above, your starting basis would be $1.6M since your basis = your purchase price - the land value.Having an accurate land value is essential to getting your depreciation/bonus depreciation calculations right.This is the starting point for any cost seg study that you do.

1) I'll put the summarized list of MP activities at the end, but generally speaking the way to think about it is: "Is this activity/task essential for the operations of the STR?

The definition of a good deal is essentially buying right for what you're trying to achieve.

This is a basic application which gathers all the essentials.

Consider not just the purchase price but also renovation costs, property management fees, and local rental rates.Consider the Property Management Aspect: If you’re not planning to manage the properties yourself, finding a reputable property management company is essential to ensure smooth operations.Stay Updated on Local Regulations: Familiarize yourself with rental laws and regulations in Detroit to avoid any potential issues down the line.Feel free to ask any questions as you continue your journey.

Everything stays on Airbnb and we essentially just handle tasks for the owners, which happen to be most of the tasks for managing a property. 

YES, a job is essential and the sooner I land something, the sooner I'll get on my REI journey. thanks for the encouragement & advice. 

And as far as legal—an attorney becomes essential once you're ready to finalize terms with either an HML or private lender to make sure everything’s secure.Hope this helps!

For that year 12k essentially increasing your taxesThen the rental 3 (Negative 15k) is carried over since over 150 AGISo it actually looks like the rentals had a 12k profit overall that year when it was more -3kAppreciate any guidance@John Davey to avoid any confusion for other investors that might be reading this post and @Austin Cheatham response.