Will they be depreciated over 27.5 years or as personal property on a shorter schedule? 

It is truly devastating, and I know so many amazing hosts/properties in that area.

OR should I be saving to just buy an investment property?

I highly recommend reading the BP books for self-education and house hacking a 2-4 unit property for your first deal.

Holding the property could require subsidizing rent, making it risky.

I included in the proposal the benefits for the landlords, such as no worries for vacancies, a 5% profit share on top of the rental rate and the provision of a professional cleaning team for their property.

Most homeowners shift to winter rentals during those months to keep some cash flow.If you’re planning to use the property yourself for two weeks in the summer, it’s important to keep in mind that it will take away a significant chunk of prime revenue, which will make it harder to break even or generate solid income.If year-round traffic is a key factor for you, you might want to look into areas down south or near a National Park, but with the right property and strategy, Cape Cod can still be a good investment—especially if you’re looking to have something to enjoy and eventually leave to your kids. 

Currently, I am in the phase where I am doing minor fixes to the property and plan to begin looking into property managers.

The fact that you were able to rent the property after a full gut renovation indicates a good return on your investment, and refinancing after the rehab was a smart move to recoup your cash and prepare for future deals.One key observation is the challenge of rehab budget overruns.

Find the properties in your market.