I am told that they did not have closets as they used to be taxed on rooms that had closets.  

This is tax free. 

You need to have the income and tax liability to support the depreciation.

@rick taxed at short term cap gains I intend on keeping till 1 year markYour other questions I’ve answered elsewhere in the thread

For example, what is the monthly revenue for the property and what are the "All In" expenses, including mortgage, taxes, insurance, utilities, repairs, etc...

(I REALLY can’t stand state income taxes.  

@Rebecca GonaBigger Pockets is a great place to find a tax accountant that specializes in short-term rentals. 

This appears to be a 'transfer tax' instead of an income tax. 

NOI Underwriting Methodology: NRI and EGI, real estate taxes, operating expense underwriting rules of thumb, replacement reserves, appraiser’s impact on lender underwriting, expense comps, etc.10. 

Where is the income tax of 49% here?