For future years, we probably wouldn't meet the 500 hours test (though we still do participate a significant amount as we periodically re-stock supplies at the place, handle most maintenance issues due to shortage of workers in the town, and monitor sensors during guest stays - leak sensors/heat/stove).Specific Questions on Depreciation:Assuming that I have the qualifications for non-passive activity, I then have some questions on bonus depreciation and related stuff.5) It is my understanding that Qualified Improvement Property (QIP) bonus depreciation is probably not useful for me because I did most of the renovations prior to placing the property in-service (save for a few things).

There is also a severe shortage of weekly rentals in the winter, since most condos require full month rentals then.

With an ongoing housing shortage, I don't believe that even a correct prediction from your consultant about the rate of new housing starts would significantly impact the market.

San Antonio is a big market so no shortage of deals. 

I have rentals in the Upper Peninsula of Michigan and there seems to be a shortage on rentals.

Housing shortage - which in some part is driving the valuations higher in the order of millions of homes short of demand in the country.So, in short, the deck is really stacked against you at the moment.  

Quote from @Samuel Diouf: Columbus, Ohio, should be on everyone's radar as the population continues to rise, the housing shortages keep increasing.

If we are to assume a 3.5% appreciation, which I consider very low when compared to the shortage of houses and growth in Columbus, if you put down 25%, that 3.5% appreciation is a return of 14% of the amount you invested. 

In most states, we have a severe housing shortage right now, and not enough homes for buyers- you just need the RIGHT buyer who won't mind a little sweat equity to live in a dream location in a fabulous house!

You understand there is a housing shortage today.