That could change the situation, so check with your CPA about that.If you want more details about depreciation and cost segregation, check out the IRS guide on rental property deductions: IRS Rental Property Tax Guide.Hope this helps!

This option is ideal for penalty-free investment but comes with added complexity and strict IRS rules.Alternatively, a 60-Day Rollover allows you to withdraw funds and redeposit them into an IRA within 60 days to avoid penalties, though it carries the risk of missing the deadline.

Imagine my surprise as I walk up to this structure, thank god I was "awake" enough to be able to notice this beautiful piece of Architecture:The enigma that was Roark hopped out at me in real life in the form of his temple, in reality it was designed by Frank Lloyd Wright.

Be sure to explore all around the forums as well as many of the FREE tools that Bigger Pockets provides.I am on the lending side of things and am always happy to hop on a call to discuss loan options that are out there, even if not offered by my resources.

I wouldn't tackle it yourself, The IRS instructions for it estimate 22 hours to learn and complete the form. 

It's crucial that this allocation is reasonable and well-documented to withstand IRS scrutiny.

If you would like to hop on a call I would be glad to connect and see if I can add value to you and your organization.   

Then my husbands aunt offered to sell us her place for this cheap, and I wanted to hop on it if at all possible so thats why I am here trying to figure this out lol

Be prepared to be flexible.A couple of websites I like:howmoneywalks.com: Using IRS data you can see where people are moving to and from.Zillow Rental Market Stats: Gives you an idea of how rents have been trending in a certain area.Something to keep in mind: If you are putting a low down payment and expect the numbers to work, they likely won't in the beginning.

Quote from @Gregory Wilson: A few things there, Brendan.First, an LLC with you as a member and your (wife, son, pal, etc.) partner as a 1% member will file a Form 1065 which is about one tenth as likely to be audited by the IRS as a Form 1040 with a Schedule E rental activity (which I presume you will attempt to show is an active business).Second, you want an LLC because when your local Alabama handyman drives his girlfriend's uninsured truck into a van load of U of A medical school interns on I-22 when he goes  to get some shingles for your roof, on your business, you don't lose everything you have or ever will have to an uninsured claim.