Thank you for the response RussellCan updated basement be considered as ADU then, like basement with stove in it?

It would be the equivalent of a C-Corp in the US.

The Airbnb's I've seen are mostly condos and apartments, so can a sfh be an Airbnb?

Any tips or advice would really be appreciated!

Hire a property manager.If you choose to self-manage, be prepared to handle tenant comms, maintenance requests, and rent collection.

Quote from @Chad Carrion: It's important to be honest with yourself.

I imagined that it would be insignificant / negative with the property being turn key already. 

The land is often far from urban areas where housing is needed most, and environmental concerns must be balanced.

It allows a substantial portion of the asset's cost to be deducted in the first year of service.In 2023, the bonus depreciation rate is 80%.In 2024, it decreases to 60%.In 2025, the rate further reduces to 40%.COST SEGREGATION:Cost segregation involves dividing a property into its individual components for tax purposes.Some parts age faster, like carpets or paint.Your CPA can use this info to more accurately depreciate elements of your property leading to potential tax savings.BASIS:Your basis is the initial price that you paid for your property, including any expenses or improvements.Knowing your basis is crucial for tax purposes, as it's used to evaluate depreciation & determine the capital gains or losses if/when your property sells.LAND VALUE:This is how much your land is worth without any buildings or improvements.Land doesn't get old like buildings, so you can't depreciate it.

A business minor could give you a good foundation in finance, management, and entrepreneurship, which could be useful in understanding cash flow and scaling your portfolio.