Bonus question: what kind of impact does this have on my taxes and how do I file this?

Our greatest exposure is a new 75 acre subdivision coming in line this fall.  

Bonus depreciate it at 60% minus 25% for the land.

Obviously the exposure on this site won't be as great but we can list it as a link to friends and family to book through maybe.

With the current 80% bonus depreciation, it translates into a $40k deduction and $10k in tax savings, give or take.

Bonus if the property has a rent roll showing steady income over the last 6-12 months. 

  * A bonus play would be purchasing a small commercial property with at least a 25 space lot in the aforementioned areas; the idea is to convert the lot into paid parking to increase value.   

More than enough exposure there.  

So you get extra exposure to your site, and you get to set all your own policies.

We advertised it as a "bonus room/ office" and I think that helped attract the right applicants (they were not expecting a 3 bedroom apartment and then arriving to find out it was only 2 beds with an awkward bonus room).