Is your DSCR ratio greater than 1-meaning are you cash flowing (according to the lender's criteria of mortgage, property taxes and insurance (and HOA) if applicable).

You would use Form 3115 (Application for Change in Accounting Method) to change your depreciation method.

Application Deadlines are updated on a rolling semi-annual process for each program, with the current upcoming deadlines as of this post shown below: Small Deadline: 11:59 a.m.

But I haven’t identified the properties yet, which lenders usually want to see through a formal application. 

I got an application with great credentials.

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This brings into question everything he's told you on his rental application.  

In this case, the reclassification resulted in a significant first-year deduction under applicable bonus depreciation rates.

(Obviously only applicable in states that have income tax).

If you perform a cost segregation study for your short-term rental property, you would typically file Form 3115 (Application for Change in Accounting Method) to claim the depreciation adjustments from the previous year without needing to amend your prior return.