Also, you only have to put down 3.5% of the purchase price + renovation costs.

We are looking at possibly using capital stacking to fund holding costs and a light rehab for a sub to property we own.

The contract is submitted when pulling the permit because the permit cost is generally based on the price on the contract.

If you didn't report your expenses for furnishing, repair, and renovation on your 2023 tax return, you may still be able to claim those expenses in the future when you generate rental income from your property.When you do start earning rental income and need to report it on your tax return, you can deduct eligible expenses associated with renting out your property, including the costs of furnishing, repair, and renovation.

Commercial financing carries more risk, and higher closing costs, but can be great if done right, on the right property, in the right location.

So it sounds like Colorado is tough to find ski STR opportunities given high cost of entry or STR restrictions.I'll look into NV?

Should I accept it bc cutting costs here will bite me in the end? 

If you realize profit, sales price - purchase (and some adjustments for closing costs and capital improvements), you have taxable income. 

Rental Income Powerhouse: Can the property bring in enough rent to cover your costs and leave you with a healthy profit?

Are you working with a Realtor® or a contractor, both can likely solve your problem as the agent will have access to more data and knowledge of how to run comps, the contractor will be able to give you a better idea of repair costs.