You should be calculating Cap Ex for all long term items that will need replacement at some point - appliances, roofs, ac, water heater, etc.

I had to build fences along my driveway accessing a drive under garage, because the retaining wall was more than 30" tall (standard building code item) but these properties were built in the 40s/50s and never had a fence there until I rented Section 8 and they required it.From a tenant perspective, I never had any of the issues James notes.

The other is end of service life items such as the roof that would have to be capitalized aka Depreciated rather than written off as an expense immediately.

This got me thinking there are probably other items we need to upgrade in a mountain STR.So here's my question for those with experience in the area: What other items or upgrades do I need in a mountain home STR that are not obvious to a newbie/city dweller?

There were other items on the agenda that were disregarded, which I found maddening.You should also check out www.taxsaleacademy.com if you're looking for training to get started. 

The former developer already had them set, but never developed.Several utility items to do are Water and Sewer along the front road. 

Are there any large capex items you are expecting? 

If builder pushes you saying "come on, don't hold up the closing for these minor items, let's close the house and take care of the them with warranties."

It involves using Section 179 or bonus depreciation, and I would not DIY this project, as distinction between repairs and capital improvements is one of the most confusing areas of the tax law.And no, you do not need a cost segregation study to deduct these components of your rehab - if you have itemized invoices and receipts.Myth 8: for a valid 1031 exchange, I must exchange STR for another STRNo, you don't.

Make sure the deposits are transferred and not deducted from purchase price, otherwise you will need to come out of pocket when tenants move out.You should also make tenants and landlord sign an estoppel agreement, which outlines important items and agreed to, so the tenant cannot claim to have a huge deposit later or claim that the prior owner gave him ownership of the shed in the backyard.