If it's currently an STR they should be able to provide you with the p/l statement from prior years so you can see gross rents, operating expenses, average daily rates and occupancy levels.

@Tom Rairdon If you’ve owned your short-term rental (STR) for over a year, it likely qualifies for long-term capital gains (LTCG) treatment, taxed at lower rates (0%-20%) compared to your 33% ordinary income bracket.

These are key reviews for you and your team to review prior to out price confirmation. 

How have you made that decision for your prior primary residence to rental properties?

Compared to STRs and LTRs?

Hi,We recently (Aug 2024) bought commercial land of around 2 acres. this was part of bigger commercial lot (around 25 acres) which had AG exemption and so the taxes that they paid was around $20 each year. we received a 'AG ROLLBACK' letter from the appraisal district that starting 2025 tax year, we will be taxed at it market value resulting in additional taxes, interest and possible penalities for 3 prior years.

If possible, in the future I would try to obtain a copy of a standard Condo questionnaire from the HOA prior to the mortgage application process and ask your lender to review it in advance in order to mitigate some of the time and costs risks associated.

You can then sell it or keep living in it at that point at a new capital basis (you’ve locked in prior cap gains avoidance), but keep the old property tax basis.

What were the prior tenants during this time using it for?

(+1 sub)speaking of uncut gems. it's interesting that was the movie you were going to watch, given your situation. can't really compare RE to gsmbling, but the guy had heart and wouldn't give up for nothing. great job on persevering thru this storm!