@Brad Neihardt, I am not an accountant, but my understanding from my accountants align with Michael's comment: your actual cost basis can be depreciated, with some discretion on the timeline you depreciate your costs on.  

Many hosts find a Fri-Fri or Sat-Sat strategy works best to maximize bookings since families often prefer a full week vacation, and it aligns with popular check-in/out days.

With the right upgrades, we knew it could be repositioned for a significant return, aligning perfectly with our strategy.

It sounds like you're taking a thoughtful approach to real estate, and the BRRRR method could be a great fit for you as it aligns with your goal of generating passive income.

It's crucial to carefully evaluate the benefits, drawbacks, and costs associated with forming an LLC and consider how it aligns with your overall investment strategy and goals. 

Most importantly, choose a market that aligns with your goals!

So, the PMC should have the most interest aligned with an owner's. 

Pittsburgh is a great starting point for investing since you're familiar with the area, but it’s important to make sure the market aligns with your goals.

Focus on properties that align with your financial independence goals and be prepared for market fluctuations.Your strategy of balancing cash flow with capital appreciation while aiming for financial independence is sound.

She eventually found someone who not only brought her deals but also offered valuable insights that aligned with her investment strategy.