Additionally I would add a benefit for you is that you're in great area to be able to invest locally and can invest in your own back yard as they say.

On the positive side, it seems like you have a good potential BRRRR that you can use to purchase additional properties.

If you stick with the larger down payments, you’ll have more stability and less risk, especially if the market shifts, but it will slow down how quickly you can buy additional properties.

Are you saying the current property being exchanged has a debt of $200k and you need an additional $200k to purchase the new property? 

Additionally, the study should contain 13 principal elements.WHAT ARE THE ELEMENTS INCLUDED IN A COST SEGREGATION STUDY REPORT?

You may borrow an additional $35000 for hard cost improvements.

Additionally, collecting the tenant’s portion of the rent (not covered by Section 8) can be difficult.3.

In addition to submitting your documentation I'd get a plumber to state in writing that the windows being left open is what caused the pipes to freeze.

Cash-flow is for "keeping the lights on" as in covering operational expenses to defend against any need for additional capital investment. 

If the water bill is $100 a month, increase the price by 20% (or whatever you decide is fair) to compensate you for the time required to split and bill and to cover additional use when tenants squander the utility.