That's three months of mortgage and utilities, the cost of flooring, and the cost of painting.

Those holding cost will certainly add up over time and kill any cash flow.

Cash for keys, screening, and lease enforcement seem crucial, no doubt.I’m curious, though—I've been in rooms with pretty successful multifamily operators, and many of them actually frown upon eviction because of the cost, lost rent, turnover expenses, and time.

This way you have a free or mostly free refinance from a cost perspective. 

The current property is propane-only, and while natural gas is available, the cost to bring the line is around $40K–$50K.

Note that legal and transfer costs are not deductible but can be added to your cost basis.

Depending on what policy you have going forward on this, you may choose to increase their deposit amount.

At least that avoids the banks closing costs right now.

Recently, I conducted a cost segregation study on the property shortly after converting to a STR (converted June 1 2024), and I want to ensure I file my taxes correctly and legally given this change in circumstances.

So about 8 houses per year will do ya....but don't forget your costs of doing business AKA overhead....Very good point!