All commercial loans will now have new covenants if borrowers do not provide timely personal financial statements, personal tax returns, business tax returns, rent rolls (if applicable) timely.Personal financial statements and rent rolls (if applicable) are due within 60 days of the expiration date of the personal financial statement.

You can write off expenses like taxes, insurance, etc.

I purchased a 1 BR 900sqft condo in 2021 with a depreciable tax basis of ~$275k and spent most of 2021 and first half of 2022 renovating the property (new appliances, flooring, painting, furniture, bathroom renovation, new kitchen countertops, new electric heaters, insulation, fireplace/pellet stove).

This has been a side thing for us, and our accounting has been old school manual spreadsheets, along with rent collection varying from tenant to tenant (Zelle, PayPal, cash app, etc…) neither of us are great at keeping up with accounting which makes tax time a nightmare.

I don’t need to submit a No Tax Due Report?

BUT if you do you will pay tax on the difference.You've been told or you've researched and think that you will not pay tax on your original basis and that is correct. 

Looking for a CPA/tax consultant.

Every lenders rate stack is different, so unfortunately only your lender can tell you how many points it'll take to buy down the rate.Break even point = (difference in cost) / (difference in payment)If you think you'll refinance or sell the property before the break even point, financially it typically doesn't make sense to buy down in points (however, consider tax benefits if it's your primary as you may be able to write off the up front points -- which is considered pre paid interest).In you scenario (assuming a 30 year loan), the difference in cost is $3150 and the difference in payment is $52.

The general investment profile of recent investors are second home or vacation home buyers, typically from out of State or area, and looking to take advantage of the diminishing benefit of the 'STR Loophole' of accelerated depreciation to offset high W-2 wage taxes. 

You will also need Liability coverage.