In general, expenses related to the purchase or improvement of a rental property can be deductible, but the treatment of these expenses may vary depending on the nature of the expense and applicable tax laws. 

Khushi, It is difficult to visualize the setup for me without seeing it, but as a general thought I would not want to make a master bath smaller.

I took an excel sheet I found online (from "Tactica") and tweaked it a bit to help track and compare different major cities/ different local cities by taking its population growth, labor stats, and rental stats/ multifamily stock to help someone visualize the different places and see where their next investment could be.

Services for survivorsHarriet's Hope is open to any individual — no matter their gender identity or sexual orientation — who has experienced human trafficking or chronic homelessness, meets CMHA's income guidelines for a housing voucher and is ready to make a commitment to sobriety, Kendall said.Most residents will be identified through the Salvation Army, but referrals can come from anyone, anywhere, she said.What sets the community apart from others is that the services residents need are embedded within it, Kendall said.Services include substance abuse disorder treatment by Alvis, case management through the Salvation Army, gender-affirming case management through Kaleidoscope Youth Center, a computer lab furnished by Dell, a food pantry, nutritional services, financial literacy classes, peer support, employment readiness programs, legal aid, health screenings, child care and more.Residents will start out with a one-year lease before going month to month, Kendall said.

This will provide a helpful visual so that it won't be as intimidating on your first purchase. 

The items need not be high-end; they can be sourced affordably without compromising visual appeal.

You don’t necessarily need to be local but there are also misconceptions and rules to follow:https://www.biggerpockets.com/forums/530/topics/1056436-clearing-up-confusion-on-tax-treatment-of-short-term-rentals

The assets purchased would be considered "placed in service" in tax year 2024 and would therefore be able to be expensed/capitalized as applicable depending on the treatment of the assets.

The visualization of the BP forum is always like this :Newbie investor almost has no clue about what they are asking.

Couple grand maybe, unless there was some huge unknown problem that couldn't have visually been identified walking through the property.