Hey @Nick Gallon Martin, I recommend speaking to a Tax Planner/CPA, @Jeff Nash would be a great resource for you.

Focus on tax-saving strategies such as cost segregation studies and bonus depreciation to accelerate deductions.By qualifying as a Real Estate Professional (spending 750+ hours annually and materially participating), you can offset your wife’s S-Corp income with real estate losses, reducing your tax liability.

Here's how to handle your situation for tax purposes based on IRS guidelines:1.

.: Stessa isn't good for keeping track of tax deduction items.Stessa was designed to just look at P&L.

A good real estate accountant can save you thousands of dollars by leveraging entity selection and formation, tax deductions, cost segregations, bonus depreciation and tax planning.I recommend finding an accountant specializing in real estate taxation, business taxation, financial planning and tax planning.Consider working with your accountant remotely to expand your options.I would also recommend looking for an accountant willing to work with you throughout the year.

If your friends have a rental they should hire a tax professional. 

Solar has an energy credit and Starlink is deductible as business expense. 

My understanding is profit from lending is considered "taxable income" and is therefore added to your income and subject to your normal tax rate after all deductions, etc.

Provide a detailed accounting of deductions, along with the invoices, to show you’re acting in good faith.

You may be able to deduct mortgage interest and property taxes before the property is in service.