With my background in law, currently studying in Indonesia, and my experience as a real estate agent, I’ve seen firsthand the opportunities and legal considerations involved in such investments.

He talks about how you can purchase a rental property, manage it as a short term rental during the year you acquire it, do a cost segregation study, use those "losses" to significantly reduce your taxable income that year, and then turn the property into a long term rental in the following year. 

Study the market.

In the meantime, I’d love some advice on what peoples suggestions are as to what they would recommend to study up on first.

I studied and aced my real estate exam, got on with an awesome brokerage here in Lincoln NE. and holy smokes, that is just the tip of the iceberg.

Carlsbad DOES allow short-term rentals in the "Coastal Zone," which is where my dad's place is.Mentor's HomeMariposa, CA80-acre lot2000 sq ft 2/2 home (with an extra study and large living room)Worth approx. $750kThis is more of an emotional project for me.

While completing a Cost Seg study, they were very resistent to me using 6% and because of time-sensitivity, I decided to default to the "rule of thumb" method that you mentioned and used 80/20. 

Bad preaching and greed has lead me to study this topic .

Depreciation helps reduce the taxable rental profit, potentially bringing it to zero or even creating a loss, which can carry forward to offset future rental income or other capital gains.For high wage earners, other tax strategies could include leveraging cost segregation studies to accelerate depreciation on rental properties through bonus depreciation, taking advantage of tax-deferred exchanges (like a 1031 exchange), or maximizing deductions related to property expenses (mortgage interest, property taxes, insurance, repairs, etc.).

Here's an article with additional FAQs on cost segregation studies that you may find helpful.