I've read the qualifying criteria multiple times and have already notified my CPA who has done it multiple times for their clients previously.

Building the right team is a great first step—wishing you both success in finding your first property in Baltimore.Welcome aboard and best of luck investing!

Most times it's almost negligible.

Here's some copy & paste info you might find interesting:----------------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Why is Property Class so important for investors to understand and apply in their investing strategies?

My first purchase, first property, I had a great realtor.

High-end furniture, premium mattresses, and a full kitchen setup can increase costs, but prioritizing durability and guest comfort—such as a high-quality king bed, sturdy sofa, and reliable appliances—can enhance the guest experience and drive better reviews.From a tax perspective, furnishings and appliances are depreciable assets, but how you deduct them depends on cost and timing:Items under $2,500 per unit can be expensed immediately under the de minimis safe harbor election (timing of when placed in service may result in the need to capitalize).Larger purchases above $2,500 typically must be depreciated over 5 or 7 years using MACRS.Bonus depreciation (60% in 2024, 40% in 2025) allows accelerated write-offs for qualifying property, including furniture and appliances.Section 179 may allow immediate deductions for certain furnishings, but eligibility depends on taxable income.Since you plan to materially participate in 2025, STR losses may offset W-2 or other active income.

Quote from @Rose White: When is the best time to ask your new / possible future tenant for a background check?

However, if I take my resources and spread it around, I can weather bad times better.

However since this is our first rental, we are getting cold feet and suspicion that it might be a money pit or go wrong drastically.

Congrats on a successful first fix and flip.