Waiting until the 1-year period ends avoids potential loan issues and simplifies things.

To throw a wrench into things, if we were talking about real property/structures that were being short term rented, it's possible/likely that your depreciation period would be 39 years, not 27.5.However, a vehicle - which is what an RV is, regardless of how you're using it - is 5 year property.

Hey @Eric Andersen, so there are a lot of regs in the DFW area.https://www.fortworthtexas.gov/short-term-rentalsRentals are not allowed in residential districts: A-#, AR, B, R1, R2, CR, C, D, UR.Dallas recently banned STRs in single family homes but there was an injunction that blocked it.

Will you use the HELOC as a short-term bridge, or plan to hold it longer?

Even better, I might be able to snag it well under market value since it's an estate sale that's been sitting on the market for nearly 200 days.Here’s the challenge: while I could afford to purchase the property under market value, I’d be stretching my budget thin to cover the mortgage during the period I’d be remodeling the basement to make it rentable.

REPS does not relate to STR's.For short-term rentals (STRs) with an average rental period of seven days or less, you don’t need REP status to offset losses against other income.

Very short seasoning period.

I just meant to say that it's our next goal to build that up, having just gone on a spending spree on fixing up both properties in a short period of time.

In my mind sub to is for short term .. long term rentals is very problematic for many reasons. 

No...there are many reasons why installing it over the carpet will prove to be a nightmare in a relatively short period.