Right now, I'm in the early days of my 2-week free trial of OwnerRez for my first 2 STR units.

FYI to anyone wondering if real-estate is a road out of financial mediocrity I'm here to preach that it worked for us (in out opinion). 

In order to determine if your property is eligible and ensure your assets are assigned to their respective recovery periods, a cost segregation study is needed.A cost segregation study is a strategic tax planning tool that separates the assets that have a shorter useful life and can be depreciated over 5, 7 and 15 years from the residential rental property or nonresidential real property that are depreciated over 27.5 and 39 years, respectively.

It depends on various aspects like how involved you want to be, how much time do you have, do you want to do renovations and select tenants yourself or are you happy to turn all of this over to a company that does all of this for their livelihood and just grow a portfolio with them? 

Feel free to DM If you need any additional assistance.

I’m a new real estate investor based in Queens, eager to dive into the industry and make my first deal this year to build my portfolio.

Buying a primary first will likely give you the best opportunity to qualify for free/cheap money like Down Payment Assistance, grants, and mortgage tax credits.

You can pre-screen them for free, then run the credit/criminal background only for those that pass your initial review so you're not wasting time.

I'll add on to the mix.

@Grant ShipmanIn my experience with these units are very difficult to manage and people at the 30% level also create a new set of problems.