Make sure to prepare a professional proposal, highlight your STR track record, and be transparent with your financial projections.

Going live as a STR in 2 weeks Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Rather than how a professional would answer. 

Choosing a solution like that means missing out on significant opportunities to free up your time for what you do best while also foregoing the expertise of a tax professional who could provide substantial benefits—potentially saving you thousands of dollars.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

You both have W2 jobs - so you're likely not a Real Estate Professionals - so these losses will be passed on until they can be deducted from other passive income in the future.

Additionally, the study must be completed by “qualified individuals” and “professional firms” that are competent in construction, design, auditing and estimation procedures for building construction.So while a specific methodology isn’t required by the IRS, taxpayers must ensure that their depreciation deductions and classifications of property are substantiated with supporting evidence.

Regardless of legal nuances, I can tell you from extensive professional experience: Don will WIN an IRS audit for his Subject-to interest, as long as he can show that he made the payments.

Especially if that’s true for both halves of a couple.