Can one take advantage of the tax deductions associated with rehab, appliances, furnishings, STR set up costs, etc) that were required to get the new property STR ready in Tax year 2025?

Normally, doing the work yourself seems like you are saving money, but it actually may be costing you more if you factor in time. 

Just toss all the interior items - it is not worth the time and opportunity cost.

Source: Google search.Low operating cost - It's not about how much you gross, it's about how much you net.

I have attached a spreadsheet I've created on the following cost of developing a duplex.

The example above is a very minor cost.

We know we still have to pay for a property manager as well as we are out of state in Michigan and other operating cost along with utilities.

However, the room cost is making it challenging for me.

We've all seen the potential benefits: faster construction, potentially lower costs, and the ability to design unique living spaces.

Your profit is $50K*** obviously you need to include holding costs, taxes, broker fees etc.