If I did not report expense for my 2023 tax, how would I write off my huge expense (~20K) for my future profit then?

If the seller files bankruptcy in the future you have to prove to the court that you bought the house fairly.

Quote from @Michael Potorti: Analyzing areas around Columbus OH for purchasing duplexes and SFH for appreciation / cash flow - would like to stay in $100-200k range - any insight on where to target and areas to avoid are appreciated.This question depends on your desire for future earnings or immediate returns.

Are you anticipating or expecting lawsuits? 

Maybe in the future if panels get a huge efficiency boost. 

I'm live in Old bridge, NJ and due to high property taxes in New Jersey, PA seems like the best state to invest in(Tavel time ) I'm trying to identify rental markets and research, while trying to establish a team.I've done some research and came up with a few areas in PA include Allentown, Lehigh Valley, Bethlehem, Scranton, reading and Kutztown I'm hopping to cash flow between $100-200 per unit is possible (with property management), and can reasonably expect some appreciation in the next 10-20 years (2-4% per year would be ideal, though achieving positive cashflow on my first purchase is my #1 focus).

Knowing what to expect for closing costs in Chicago is a big one.

(How do you expect it to qualify for a loan that you don’t?)

Thanks  they would expect a furnished property and if you arent already a STR and just a normal LTR, that can cost a lot.

You're not "prohibited" from claiming bonus depreciation this year, but the resulting loss will probably be blocked and carried into the future years.