The studies can address current year assets as well as those placed in service in prior tax years without the need to amend prior tax returns.ConclusionUnderstanding the difference between short-term and long-term rentals is crucial for real estate investors, particularly when it comes to depreciation and tax planning.

I've always been focused on scaling, but I realize that getting a clearer picture of how real estate fits into my life and goals is crucial.

Placing the right tenant is crucial, don't just rush into a lease with one because you want the property filled.

Fair Housing laws require us to treat all people equally.

I want to learn from and network with folks who are on the ground as I know a team is crucial to our out-of-state investing plans. 

Document the condition thoroughly for future reference and estimates.If the property is of interest, it’s crucial to have professionals assess potential structural damage, electrical issues, or mold remediation costs.

Additionally, Memphis has a strong rental market with steady demand, which is crucial for single-family and small multi-family investments.The city is also known for its diverse economy, including key sectors like transportation, healthcare, and education, which support job growth and, consequently, rental demand.

Your 2 loans and taxes and ins are $2,363 per month at your numbers, so 1 month equals almost another 1% added to your cost, at 12 months your cost is now $278,360.What happens with your 2nd loan if it takes longer than 12 months, do you have to pay any extra points to extend?

In most municipalities you will have to pay transfer taxes equal to the assessed value even if transferred for a nominal amount plus deed prep and recording fees.

Education, networking, market research, and a good exit strategy are crucial for success.Good luck!