If your wife is a stay-at-home mom and is involve with managing the rentals you may want to explore Real Estate Professional Status as an alternative tax strategy or along side your STR tax strategy.

Factor in how much principle they would have paid off the loan and subtract that from the current market value of the home. 

I have grown my AirBnb's into a handful Guest Favorites and rank in the top 5% and I'm always improving.

As a concerned neighbor we are desperate to find a more qualified owner to improve the living conditions for these residents and avert any pending disaster.

You find out what the existing purchase was and multiply by 25% (has to be over $144K)Example: Home bought 2 years ago for $325KEntitlement used/ Entitlement Gurantee = $325K * 25% = $812502.

Especially when I compare my property to the other homes in the area because of it's proximity to a luxury golf course, the boarder of Rancho Palos Verdes (a high-end neighborhood).

Investors connected and contacted me from BP the third week of May, frustrated with their STR search due to licensing restrictions, but committed to finding a coastal second home eligible for vacation rental usages before the end of summer. 

For example, I want to know the cost needed to do a basic improvement (for a rental), a medium level improvement (live there) or a luxury rehab (use it as an airbnb).

Finally, consult with a CPA and have them review your situation, plus ask for a recommendation on whether to do a cost seg and which cost seg company they recommend.For a property placed in service in 2024, 60% of the value of personal property and land improvements identified in the cost seg will be bonus depreciated in the first year. 

Careful timing and classification as either improvements or repairs can increase your deductions.Bonus DepreciationUtilizing this strategy, you are allowed to deduct a portion of the cost of certain qualifying assets with useful lives of less than 20 years in the year that you place them into service.