What is the tax treatment with respect to reporting, depreciaiton, etc.

Tax benefits, good investment possibility, cashflow.

I use Innago as a management program which allows different taxable entities for the rents, which would assist when it comes tax season.

In parallel start talking to other potential candidate GC’s to see what their costs and schedules would be like (make sure you ask them how hard it is to transfer permits).  

Income tax: A foreign investor receiving rental income from U.S. real property must pay income tax.

It may impact the loan and will require you to pay transfer taxes based on the assessed value, deed prep and some additional accounting fees to address basis.

Is your DSCR ratio greater than 1-meaning are you cash flowing (according to the lender's criteria of mortgage, property taxes and insurance (and HOA) if applicable).

Even if you are actively operating as an STR the lender will look to tax returns for income, so if it has been less than a year they will still go on LTR income.You need to factor in that your lender is going to underwrite any loan based on LTR income only. 

Every $100k in gain up to the limits, $250k (if single) or $500k (if married) will save you $15k in federal taxes and I’m guessing $5-10k in state taxes?  

Sold it a year after that and walked away with $400k, mostly tax free.