They can be written off in one year depending on tax law updates. 

The current rent barely pays for the monthly mortgage and I am scraping through to pay for property taxes. 

All of this said, my partner has seen a ~41% internal rate of return on her investment, excluding tax benefits, in just the 6 months we have owned this property.

There's generational wealth transfer and tax considerations as well to consider as these types of transactions can by synergistic if done properly.

Collect interest and payments over time while maintaining an interest in the property.1031 Exchange: Sell a property and reinvest the proceeds into a similar property to defer capital gains taxes.

What I would recommend, is looking into TAX LIENS AND DEEDS.

These include fix & flip and DSCR rental program that don't require tax returns of W-2 jobs, but rather uses your credit and property income to qualify.

Having a mortgage on that home might change some of the answers so just be prepared with how much the property is being rented for, what the taxes and insurance amounts are when you reach out. 

I'm focused on the STR strategy as I would like to benefit from the tax advantages that it offers but understand it may not work out.

Low property tax/lower costs to maintain, etc.3).