The positives are that is can potentially be lucrative, especially if your sale is timed well with the market prices, it can be a legacy asset, has extreme tax benefits in most jurisdictions due to agricultural status if planned correctly, and as a bonus can provide habitat for wildlife if planned well. 

My question is whether I can benefit from loss offset, primarily from Bonus Depreciation stemming from our renovation, while my business partner can capture loss carry-forwards? 

What I noticed is that your comments didn’t include the bonuses other commenters mentioned about how the personal hand holding, Palak’s direct support and the support from fellow cohort members really made this program worth its’ while.

Parents (like me) will book without that stuff, so I don't believe it'll make substantial upticks in bookings but a bonus for these types of guests.I'd be more worried about the highchair breaking and a kid getting hurt than it getting stolen. 

Is there any way you can offer a bonus for finishing the project on time?

Never place offer with expectation of receiving further price reduction after inspection, accept any reduction received as bonus.

Step 9 - Assign the contract with my cash buyer and close 😊***BONUS STEP*** If I find a motivated seller  but they don’t like my all cash offer I will attempt to get the house under a lease option agreement.

Just costs incurred for the property being put into use but able to be separated out to a shorter 5/7 year life which means 100% bonus depreciation and full write off in year 1. 

Understand that there could also be bonus depreciation but putting that aside for now, just want to make sure I'm thinking about this the right way.If it's not obvious, the goal is to give investing in real estate/rentals a try, and if we don't enjoy doing it, worst case we end up with a vacation home with a lot of improvements completed that we were able to deduct.Thanks in advance.

Think sign on bonuses, cash back deal, 0% transfer cards; and if you pay them off on time you never pay a single cent in interest.