Service would change, though, as the successful experiences of early-adopter customers would demonstrate the utility and superiority of NewCo.

One concern that I have is that I need to be able to sustain this during a downturn.

LTR Backup Plan: I want to ensure that if the STR route doesn’t pan out, the property could sustain itself as a long-term rental (LTR).

@Chirag Mehta For construction costs, you should be around +/- $100 PSF which would include all sitework, utilities, and going vertical with modern finishes.  

Run an Opco/Propco model.If your business utilizes real estate as part of ongoing operations you can get all the tax benefits of active RE by having the building purchase and hold the RE.3.

What do you think about refinancing FHA loan into conventional in order to utilize FHA loan again or does there have to be waiting period?

If a cost segregation study is done in early 2025 can it still be applied to our 2024 taxes to utilize the larger bonus depreciation?

If you ever decide to look over in this area, I'd be happy to put you in touch with the systems I utilize over here and give you insight on which areas to look for. 

If you do have enough other income then you dont even need to lease out this property to start your refinance.However if you dont have enough income to qualify with no rental income offset then yes you will need to obtain your lease(s) and security deposit + 1st months rents deposited before you can utilize 75% of this gross income - your monthly PITIA payment (in terms of qualification on this property refinance.So all in all Id make sure what your current debt to income position is first of all (DTI) and then strategize to see if you even need the leases at all.

That’s before factoring in utilities or each personal situation.