Different things so no big cross over, but you won't be able to claim the homestead exemption while you're renting it out, because it won't be you who is living there.

For a property placed in service in mid-November, you can claim approximately 1.5 months of depreciation for the first year.With a cost segregation study, components may use different conventions:1.

If you are claiming Real Estate Professioanl Status(REPS), it is important to keep a log of your activities. 

At a bare bones minimum, the letter confirms the start/end dates of the lease, monthly rent, paid-through date, absence of any prepaid rent other than the current month, and security deposit amount.Better, it will include statements there are no unresolved claims or disputes or repair issues with the current landlord, and no verbal or written side agreements.Better yet, it will include a copy of the tenant's lease, and a confirmation the lease is a true and correct copy with no amendments.

what about quit claiming the two owners onto title as tenants in common and managing the ownership through a TIC agreement?

Not only your depreciation is limited, you cannot claim any loss.For 2025, you will have two separate periods.

2️⃣ Property Tax Deduction: Claim up to $10K for state & local taxes.3️⃣ Capital Gains Exclusion: Sell your home?

For example she starts dating a carpenter or a handyman type (or even worse a wannabe carpenter or handyman) who moves in and does work on the home and claims they should have equity too for making those improvements.

Not sure what the interior will look like, but hopefully you have photos of prior to occupancy, so that you will be able to claim against their security deposit, and a judgement for past due rents and any damages

Or, is REPS really a “free lunch” for those who qualify - they can claim an active loss reducing ordinary income today, AND get to claim passive and capital gains in the future on the appreciation?