Can one take advantage of the tax deductions associated with rehab, appliances, furnishings, STR set up costs, etc) that were required to get the new property STR ready in Tax year 2025?

Just toss all the interior items - it is not worth the time and opportunity cost.

I have attached a spreadsheet I've created on the following cost of developing a duplex.

I also agree there are many fake lenders out there and many are easy to spot based on ridiculously low rates and wanting $ upfront.  

.#2 Keeping your current home as a rental in $1million neighborhood probably makes no sense even if you have super low interest rate. 

Normally, doing the work yourself seems like you are saving money, but it actually may be costing you more if you factor in time. 

We know we still have to pay for a property manager as well as we are out of state in Michigan and other operating cost along with utilities.

If you have cash, know that 99% of wholesalers will have low repair values and high ARVs that don't match the actual data or upkeep of the house.Also, ask if this is being daisy-chained, meaning are there other wholesalers or investors in the line between the person offering you the deal and the seller.

HI Blake,You can always start off by house hacking meaning you live in one UNIT or ROOM and renting out the other vacant units/rooms to offset your monthly mortgage payment.There are several ways to run and make sure you are maximizing your rental income while keeping your living expense as low as possible.

Quote from @Ben T.: Hello - I will send a rental property this year.