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It is fairly basic compared to other changes in accounting method.

@Philip Muka have you explored/researched the "asset island" method? 

Or is there a more efficient method to do this?

looking for suggestions on best methods/websites for marketing a long term rental.

I am here to learn about real estate investing especially the BRRR method.

Calculating the Deduction: Choose between the simplified method (a flat rate per square foot) or the regular method (actual expenses).How do you manage your home office deductions?

My clients with $200k-$250k cash are able to get much, much higher ROI on real estate investing than what you're considering through some creative methods. 

What are the pros and cons of each method?

With the little knowledge that I have on this method, I started building it as if they were flipping a property... - They put in 2/3 of the money- Monthly payouts of 50% of profits- 4 month termBased on the pro forma of the rental, they'd have around a 30-35% roi by the end of the term.