Don’t build without a feasibility study.

@Chloe Mayer I don’t mean to be a Debbie Downer but you need to study up.

There are places that will do cost segregation studies on parts of the improvements on a shorter schedule (5- or 7-years depreciation).However, have not heard of someone being able to go to the mat with IRS and get the whole property depreciated over 5 years.Plus you'd have to figure if it's worth it since you'll be paying a lot bigger depreciation recapture after 5 years plus CapGains.

After that, if you still think the deal is worth pursing, you will want to perform a market demand study to find out if there is enough demand to fill the spaces. 

I know I’m all over the place but I’m tired of studying real estate investing and not taking any action to build wealth.

Allied is my suggestion, also many free sites (I have one) have information to study.

Financing, Designing, Permitting, Building, Leasing, to Property Management.The Owner is also a CPA and they can offer a cost segregation study analysis to help you with your projections. 

Study it the same way you most likely studied how to acquire your first property, or the 10% you save in PM fees will seem like pennies if and when you are hit with a lawsuit. 

@Andrew DanielsYou can't call yourself a CPA if you are currently studying to become one...Regarding your question - If you are going to do it full-time, just know that you are competing in a profession where people are doing it 40+ hours.Maybe go in knowing you won't make a lot of money but for a learning experience.

Study househacking.