Background information is that my wife and I have a high w2 income and also started an llc to mange a short term rental that we own.

@Steven Hamilton II hi Steven,Is this related to same topic or a seperate tax law to the 750 hour Real Estate Professional benefit (in my case something to consider for spouse in future) tnk you. https://www.claconnect.com/resources/articles/2019/irs-safe-harbor-on-section-199a-impacts-tax-filing-for-rental-real-estate

As with all mentorships, it is good to come into the space with a draft of high level goals and self-awareness.

HI Kev, we helped a lot of luxury STR investors this year utilize the accelerated deprecation tax incentive, I would actually suggest checking out the bigger pockets featured tax preparer section and sine it's likely a considerable reduction definitely not try and do it yourself..the investment in high quality reliable tax advice is essential to any investor tool kit. 

I would highly appreciate it!

The rate will be high though 

There is always risk but in this case the risk is too high.

In a high priced market like ours, off market distress, vacants and tired out of state land lords is the way to go!   

The stats can easily show a high occupancy rate if it's an under served community - which makes sense if there's laws against it.  

High performance contractors run on premium gasoline , and they dont run on empty .