If you were to do a cost seg on a new property, you may just create more passive gains rather then active which you mention you are after. 

That way you can also do a good amount of vetting up front.  

Here's what you can expect with AutoOps:Free Consultation: We assess your needs and ensure AutoOps is the perfect fit.Onboarding Tailored to You: We customize the system for your specific industry.Quick and Easy Training: How-to videos ensure a smooth learning curve for your team.Soft Launch with Confidence: Test the system in a sandbox environment before integrating it into your daily workflow.Ongoing Support: We're here for you every step of the way, identifying training needs and providing ongoing support.The cost of inaction is high.

They would most likely use your liquid assets (cash, stocks, retirement account) to qualify to make sure you have enough for downpayment + closing costs.

However, one rental covers the cost of the dues ($800 give or take). 

Lead free is a different inspection and costs more.

Thoughts on the cost of this? 

i.e 500k (400k building+100k land cost),  with cost segregation average 400k X 20% = 80kcan 80k deduction be applied as depreciation, against his w2 income from a salaried position? 

It is a common practice and comes at no cost to you.I would also recommend you require your tenants to get tenant's insurance and add you and your property manager as additional insured as well! 

You know, I always think that is very misleading when they charge thousands of dollars to newcomers base off marketing that boasts getting into real estate with no money down.These deals cost money.