I did not live in the city of Cleveland last year, but my rental is located there.

If i were to airbnb it out for the last few weeks of December, would i be able to use the short term rental loophole to do bonus depreciation on the property (with a cost seg of course)?

Since you've lived there for at least 2 of the last 5 years you won't have to pay capital gains (assuming that the property appreciated) if you sell.

I finished reading Set For Life last week and it opened my eyes to the world of real estate, and I think I'm hooked now. 

Average house values have decreased by 2.3% over the last year, but by the end of 2024, the market is predicted to expand by 4.5%, indicating a strong recovery and bright future.As of December 2023, Jacksonville has a median listing price of $308.9K, and a median selling price of $298.5K for residences.

We told her to clean it up last year, and she did a decent job.

Lastly, I am always looking to expand my network, especially locally in MA.

It may lend you a little privacy, but folks who want to find you will just look up who created the LLC and then find you.That being said, in MO, they are incredibly easy to set up, and are not that expensive to establish (~$50 last I checked, although that may have gone up) and doesn't require any input from an attorney or tax professional (in my state)Personally, I have an LLC bc I pay myself through an S-Corporation as a realtor...the savings come out in the wash, but it allows me to pay taxes quarterly and avoid end of the year surprises.Another reason you may need an LLC is if you are investing with partners, and/or seeking certain loan types ( I know hard money lenders often require an LLC)Once again, this isn't my wheelhouse, so at the end of the day, I would reach out to a tax professional to learn moreLong answer short: in my opinion, you do not need an LLC if your plan only involves renting out your inherited home

Forced air are a lot cheaper than hot water or steam boilers but conversely they don't last as long.

In one of the email from her last year, she said "We will be able to use the FIRPTA withholding tax on your 2023 US return against any possible tax payable so you will either receive most or all the withholding tax back on the 2023 US return"However my selling agent told me that I need to pay tax for 20% capital gain, so I am unsure if I will actually get most of the withholding back, or I will need to pay a significant amount to IRS.purchase price about 12 yrs ago was $80k + costs.