Turning an STR into an LTR
Hey all... I'm curious if I purchase an STR this year and materially participate with a cost seg to get the active income tax benefits, but in 2027 I convert it to a LTR, is that kosher? Or do I lose any of the STR tax law (loophole) benefits? My son is going to college in the Fall and I'd like to buy a property in the town he's going to school and use it as a STR this year, but next Fall when he's out of the dorms he can stay there and pay rent along with other roommates in a LTR fashion.