Jordan, Across MN in the heavy tourism areas, STR PM's are very common.

If a cost segregation study is done in early 2025 can it still be applied to our 2024 taxes to utilize the larger bonus depreciation?

What utilities does the landlord pay? 

Ensure utilities are back in your name.

The only way that works is if they have fully connected utilities and it is sitting on some kind of foundation and not on a trailer.Some folks think they are cool, but you really limit yourself on demographics.

I think development is getting more and more common since we're so undersupplied in housing. 

Yes it’s common to have an additional guarantor who has a balance sheet added as a credit enhancement.

Like you mentioned , the prices are going down because a lot of people thought you could just buy a property and slap it on airbnb , expecting it to rent well without doing improvements , not realizing that the market would be overstaturated with " C and D " quality properties ( A+ are the properties i'm speaking of)I'm seeing that you can buy those type properties( A+ potential) that have simply been under utilized and 1.

Mike, My recommendation would be during due diligence for a potential purchase, ask for past 12 months of all utility bills, property taxes, and any other municipal requirements like rental permits, occupancy inspections etc. 

So utilities, roads, drainage, entries and other infrastructure costs are lower than in a suburban development.