They benefit by having a year lease with guaranteed income.

Our strategy was to renovate, rent it out as a STR (short term rental), and manage it ourselves to qualify for the STR tax benefits in the year 2022.

This will give you several benefits.

If you throw everything into one "capital improvements" bucket, you lose these benefits.3.

I get both benefits.

You can't use the property personally either; this would be the investment of an IRA, and you are not allowed to receive personal benefits from an IRA. 

.- He recently inherited a 3-bedroom single-family home in Fremont, CA, valued around $1 million, currently rented out for $4,000/month.Alex's main concerns are balancing his full-time job with the demands of real estate investment, managing cash flow effectively, and understanding the potential tax benefits.- What investment strategies should he consider?

I quit his site because I was not benefiting from the same old advice. 

This will give you several benefits.

I don't do flips though, so your cost/benefit analysis might be different than mine as a buy/hold investor.