I would expect start-up costs such as stocking linens/bedding, upgrading certain furnishing and amenities, and pass-through costs for listing on the OTAs (like VRBO, Airbnb). 

For instance, a worksheet calculator that you can depend on for accurate rehab numbers, a coach or mentor that has experience wholesaling whose brain you can pick, a curious, principled solution-based mindset, willingness to find sellers that are NOT on the market, and for good measure -- steal underpants!

The principles would still be valid though 

Investors buy shares and earn returns through dividends and potential stock price appreciation.You typically can’t lose more than your initial investment with publicly traded REITs.

Assets identified in this study include:Building Systems: plumbing, HVAC and electrical distributionInterior Construction: flooring, drywall partitions and ceilingsStructural Components: doors, roofing, windows and wallsPermanent Fixtures: emergency lighting, restroom fixtures and signageThis engineering-based cost segregation study included the following methodology:Physical Inspection through a site visitDocumentation review including architectural plans, accounting records and construction documentsA cost analysis which utilizes engineering principles in order to allocate costs to their applicable asset classificationsCalculation of the depreciation schedule using MACRSAs a reminder, bonus depreciation started to phase out in 2023.

@Michael Camacci, KP is Key Principle.  

Most of our money has been invested in the stock market since we moved to the US in 2017, but we are looking to diversify and generate passive, long-term income.

I paid both sides of closing costs. 100% seller finance, 5% interest, amortized over 23 years, with a balloon payment of the principle balance due after 30 months.

Like aircraft checklists and vehicle operators manuals (the -10s), one can benefit from extensive research, trial and error, and deliberate improvement principles gained by the many that have gone the path before. 

Under current rules, NOLs can only be carried forward indefinitely (not carried back).Losses from stocks (Schedule D/Form 8949) follow different rules and cannot be mixed with Section 1231 losses.