Someone I know bought a ranch to use as a short term rental property in 2021 for $1.7 million.Engineers did a virtual site visit, they were able to assign a value of $347,000 to either 5-7-15 year assets that were eligible for depreciation.In 2021, the bonus depreciation amount that you could take was 100%.This means that the owner could immediately deduct the full amount of eligible property in the year it was placed in service, rather than depreciating it over time.With that in mind, he took the full $347K deduction in his FIRST YEAR of ownership to offset taxable income from rentals.This was roughly ~20% of his purchase price.It was a big win for him.In 2024, the bonus depreciation rate is 60% so the calculation would be different.That said, you can still save and defer a ton.

Many syndicators, including myself, base their projections on a five-year term.

How did you add value to the deal?

First of all, welcome to BiggerPockets!

Bought it as a potential long term / medium term rental but now are looking to just flip it!

Nice - congrats - hard to find Multifamily DSCR Loans at that size but looks like you successfully executed!

Here are a few options: max out 401k contributions for you and your spouse, max out HSA contributions, make charitable donations, harvest tax losses, etc.I recommend finding a tax strategist who specializes in real estate taxation, financial planning and tax planning.You may want to consider working with your accountant remotely to expand your options.I would also recommend looking for a accountant willing to work with you throughout the year.

As far as capital, most investment loans would require you to do 20-25% on a SFH.

This appears to be a good deal.

Quote from @Sarah Kensinger: Try to connect with @Kimberly C., she purchased a property in Akron earlier this year and may have some recommendations.