Quote from @Douglas Snook: Yes it can take several months to evict.

This will clarify and reinforce what you are reading.

First off, how many people is he selling this list to?

Quote from @Or Uzi: Thank you very much @Wale Lawal! 

I haven't done much digging since this is normally a show stopper.

You'll make mistakes but you'll learn so much more than buying turnkey.

Someone I know bought a ranch to use as a short term rental property in 2021 for $1.7 million.Engineers did a virtual site visit, they were able to assign a value of $347,000 to either 5-7-15 year assets that were eligible for depreciation.In 2021, the bonus depreciation amount that you could take was 100%.This means that the owner could immediately deduct the full amount of eligible property in the year it was placed in service, rather than depreciating it over time.With that in mind, he took the full $347K deduction in his FIRST YEAR of ownership to offset taxable income from rentals.This was roughly ~20% of his purchase price.It was a big win for him.In 2024, the bonus depreciation rate is 60% so the calculation would be different.That said, you can still save and defer a ton.

From my basic understanding it would make sense to change it to a rental and then do the remodel so I can claim depreciation on my cost, is this correct or not? 

I’m all in for sharing insights and learning from other like-minded people.

This will lower interest costs and free up future cash flow for reinvestment or reserves.Tax Planning: Work with a CPA to mitigate tax impacts from principal-heavy payments and potential gains.