First year and beyond is typical on a schedule E, same as a LTR unless your providing substantial services.

8-months later, have you managed to make any progress?

Does anyone have any recommendations for professional services in this area? 

It is a lot to ask of friends and family to couch surf for several months-a week or two, perhaps. 

The Tax Cuts and Jobs Act (TCJA) of 2017 allows businesses to write off 60% (in 2024) of the cost of qualifying property in the year that it is placed into service.

2 months ago, my client closed on a property for $120k. 2 bed 1 bath.

Austin rents average $1700 per month, and the market is booming.

So could I just use my HELOC to pay off the card right before they report my balance to the credit bureaus each month? 

You can live in one UNIT or ROOM and renting out the other vacant units/rooms to offset your monthly mortgage payment.There are several ways to run and make sure you are maximizing your rental income while keeping your living expense as low as possible.

Below you can find a quick FAQ sheet of the updates they have implemented and will be implementing soon.Quick Overview: - The cost of application fees has increased- Platforms will remove listings without legitimate permit numbers- Platforms will have to remit the Hotel taxes directly to the city of San Antonio (Operators still have to file revenue reports monthly)- STR operators can change the operator of the permit without a new application being required (it seems the permits are still non-transferable upon sale, however)- Updated Party Prevention measuresMy Take:This should weed out some hosts that have not been abiding by the permit requirements.