Welcome to BP community and I am new here as well.

But you still have to provide (and maintain) a kitchen, a bathroom, HVAC (well maybe just heat), a water heater.

Find something that was logged lets say 20 years ago but really well replanted. 

I agree with @Nicholas L. that the 50% rule is likely to be the more accurate indicator.   

Both are well kept, in a prime spot, with great rental demand. 

If you had concerns about the asset if and when you pass away and would like to avoid probate, a Revocable Living Trust that owns the LLC that acts as a Holding Company is a good option.

What's your cash flow looking like?

Since I started renting out the house in May 2024 and will likely move out in 2025 after the leases for my current renters end, I have a question about depreciation.Can I depreciate the portion of the house that was being used for personal use, even though I was living in the house for part of 2023?

This is like when a seller says they don't want to pay capital gains so they want 200k on the contract and 200k in a bag.

Landlords tell themselves it's "guaranteed rent" but that's not true and a lot of the tenants come with "guaranteed entitlement" or "guaranteed turnover costs" that will cost you more than any increased earnings.Some people do very well with Section 8.