@Jonathan B.Assuming you pass the "material participation" test for 2023 and did not use the property yourself (or used very little), you should be able to treat it as an STR for 2023, including bonus depreciation.  

Line Item Fee Collected Rents 10% of All Collected Rents New Tenant Search & Onboarding $500 Business Hour Service Calls $80/hour + Materials Cost + Tax After Hour Service Calls $110/hour + Materials Cost + Tax HVAC Cleaning & InspectionGutter CleaningSpring/Fall Exterior CleanupSeasonal Mowing & Weed TrimmingSeasonal Snow PlowingGeneral Contractor Vendor Cost + 10% Oversight Fee

Also, you can't know how the cost of materials could fluctuate over your project time, so consider purchasing any materials upfront so you can stick to your budget. 

At some point you may need to consider the following:- The website that's monetized based on clicks and advertising and page impressions says this is a super easy thing and everyone should do it.

A good baseline is to calculate material costs (e.g., $300 for paint and supplies) and add a fair hourly rate for labor.

There are plenty of mood boards and renovation material ideas on there. 

Looking for suggestions on any specific building materials, fixtures, accessories, furniture, and tech for a STR.  

What is the best way that you have found to tell them that you need labor & materials separate, so at tax time you can send them a 1099 for labor?

Materials have increased more than 20% in the last 5-8 years.

Additionally, I created MEC (Material Estimator Calculator), a unique residential renovation software that automatically calculates a bill of materials (BOM) based on the property’s condition.Overall, I’m thrilled to escape the Seattle rain and connect with fellow investors here in Arizona.