Hello,We are being approached to GC/partner on a spec home with whom the client owns the lot and will be securing the construction financing himself in order to do the deal.

We are building 2 and are interested in more. 

Learn property management, analyze rental demand, find high-quality tenants, and budget for renovations and repairs.

We purchased a property in early October and are placing it in service this week (mid November).We had intended to run a cost segregation study and try to accelerate depreciation which we can deduct against our W2 (assuming material participation).However, we have been reading through the IRS guidelines (eg publication 946 on Property Depreciation) and there seems to be the concept of "short year" which would mean that we can only deduct ~1.5/12 of a year's worth of depreciation in 2024.Is this correct or are there any different rules for STRs specifically?

I've seen a few folks make that kind of jump, and it's not as off-the-wall as some might think.

I have joined a couple of groups on FB, and connected with some other people here.

Hi Geetha,The NCREIA meetups in Raleigh and Charlotte are a fantastic choice—they attract real estate operators at every level, so you're definitely in the right place to build connections!

I have over 18+ years in the REI game and the financing side is my expertise.  

You should talk with one that understands real estate rules and another that understands special needs trust and SSI rules. 

Buy conservatively and don't speculate.