It's a lesson I've learned more than once.

This property to me seems like a great learning opportunity and starting point. 

💪 Start by networking with local investors and wholesalers to find deals, build relationships with contractors and lenders, and analyze numbers relentlessly so you don’t overpay.Stay focused, take action, and don’t be afraid to learn as you go! 

Recently, I conducted a cost segregation study on the property shortly after converting to a STR (converted June 1 2024), and I want to ensure I file my taxes correctly and legally given this change in circumstances.

I relate to this heavily. 

Not an easy thing, but saving 20% or more on the cost of a new home seems well worth the time and effort if you ask me.

I posted on Facebook that I was looking to buy a flip, and a fellow agent sent me some details about a property she was going to list.

It's hard to find a cash flowing rental in this area, but paying all cash certainly helps!

But can someone please answer this specifically:"Do I need to file in MO even though I experienced a loss in 2024?"

While I am an attorney and lean on those skills I would be more inclined to consider my career that of a real estate developer at this point.