A lot of the risk can be mitigated by just doing the homework and moving slow.Hope that helps!

I’ve read the legal paperwork regarding what’s done in order to quiet the title on a tax lien property. 

What a lot of people think:Bonus depreciation is only for new properties or acquisitions.The truth:You can retroactively apply bonus depreciation to property placed in service after September 27, 2017, when the Tax Cuts and Jobs Act passed changing various rules.The IRS allows you to claim missed depreciation deductions by adjusting your current year's tax return, without needing to amend the previous year's returns.This is typically done through a change in accounting method using IRS Form 3115.

Yes interest rates are certainly a lot higher which makes things more difficult for sure. 

The nicer the place looks, the more likely it will attract quality renters willing to pay market rate.

So MTRs that are close to the "action" are great.Also, I think the MTR market is getting more and more like Airbnb in Denver and Colorado, in that it's not an amateur's game.

In your situation, it sounds like the primary focus for you is more a quality of life play (reducing your commute time), and the STR may allow you to break even cash flow wise? 

Cost segregation studies on condos typically result in a lot of 5 year life which is eligible for 60% bonus depreciation in 2024. 

I still have the other property left and I think I will keep it at least for several more years.I have been doing necessary repairs and upgrades on the property that I still owe including some that I foresee I would've had to do in the near future.

While this approach works in the early stages, there comes a time when consolidating all your properties' insurance into a single, scheduled program might be more beneficial.