You basically need to assign a value to all of the personal property (furniture, appliances, TVs, kitchen supplies, etc) inside the STR and they'll send you a tax bill based on the total. 

Call a local commercial real estate broker and get a Broker's Opinion of Value, or ask for current cap rates based on the Class of property.

Hi Patricia,I would recommend speaking to Realty Exchange Corp, they specialize in everything 1031 exchange and are based in Virginia.

I'm based in Riverside county, CA and am looking to invest out in Georgia.

I am based in Houston TX.  

So increase NOI, then you can back into a rough number on what your loan proceeds will be based on your forecast debt service upon refi.

It looks to be a true 50/50 split based on square footage, so eventually when you go to sell you will be taking 1/2 of the property and applying the federal tax exclusion under Section 121 and the other half will be treated as a capital asset subject to capital gains.

If you are looking for financing, I would make sure you can qualify based on long-term rent (one lease), and the property is not currently operated as a rent-by-the-room rental. 

But I’m SoCal based and have thought about investing in Temecula.

Based on the cursory reading of your post seems like we might be able to help your client.