Given that you have no income, and it's likely you may not meet the material participation threshold for 2023, the loss would then be kept on form 8582 to be used to offset future years of income from the property in the form of a "carryover loss"

It’s a condo with short term rental income. 1 is the cottage we move into when we rent the house we live in for 2 months over the summer when the kids are out of school. 

Do they offer company stock, and provide passive revenue share income which is willable to your heirs?

I started my STR last year in Sevierville and thought it would just be passive income as we had hired a pm. 

ORGANIZATIONAL DOCUMENTS ON THE BORROWING ENTITY: They will need* Filed Articles of Organization* EIN Letter from the IRS* The fully-executed Operating Agreement for the Entity (By Laws for a Corporation)* Meeting Minutes Showing the Signer has the Authority to Sign and that the project has been approved by the board of the entity. * Certificate of Good Standing for the Entity DRIVER’S LICENSES FOR EACH GUARANTOR: Please be sure to get a legible picture of the front and back of the document.

It's crucial to align this decision with the nature of your income sources and their respective tax treatments.

However, land pricing is based on many other factors such as zoning, location, the city its located in can make a big difference if there are certain factors that give developers incentives to build there such as transit, low income, walking distance to rail and other things.

I would pay the same income tax and add fica on the sched C.

I have no pay stubs/proof of income but I do have a very good credit score and 50-75k for a down payment.

If you have rental income, do you already have your 2023 taxes filed?