As an added bonus, that's an incredibly valuable skill to add to your toolkit that can be leveraged when JV'ing with other investors as well!

We plan to focus on buying smaller 2-3 bedroom houses near the medical district with Masters Week being a bonus and not our main focus. 

I was wondering if you purchase an STR in December and perform a cost segregation study and continue renting it out and managing it, will this count as material participation and allow you to utilize the bonus depreciation?

----Bonus Question: It looks like the project estimate will be close to $200k all said and done which seems like a lot (Prefab, permits, foundation, utility installs, etc).

Bonus points if the lender can do const finance and then final occupied financing.To get that, you'll need:1) Figure zoning out and how many you can or want to build2) Go to architect and builder and get a sway on layout and costs3) Most painful, go to the governing entity for permits and pay your soft costs. 

I like at appreciation as an added bonus.

Bonus points if you finance the work either before or cash our refi so you can use the money to buy another property.

I didn’t see a penalty for not refunding it all within the allotted time (Some states award 2-x3 to the tenant for not returning it quickly, never any bonus to owners.).

If ever you hire can the timeline give them a per day bonus, if they go over timeline, Doc and pay per day.

I've tended to view appreciation as a happy bonus and not the basis for why I buy a property in the first place.