Maybe I'm confused and don't understand the mechanics here, but let's say I do a CSS on a 10Mil property (with, let's say, a rather good these days 5% cap rate...which will produce 500K in NOI annually) which gives me 2Mil depreciation in the first year...I will offset 500K, and I will have to bank the remainder 1.5Mil for the following year(s). 

The HELOC provides a great opportunity to give you that revolving working capital, but will come at a higher interest rate than say a 30 year mortgage would. 

If they say a particular change is acceptable, ask for it in writing.

For example, flipping vs buy-n-hold, 2 very different operations and taxation implications, or say a person has a trust aspect, partners, foreign LLP's involving interstate aspects, etc etc etc. 

You might want to say a bit more about what you are looking to do, where you are looking to place cameras as many may be uncomfortable making recommendations based on the original post. 

Lets say a water heater lasts 10 years.

(Say a rental for 2 years and then your primary for 5 years then about 70% capital gains tax free but you still owe the depreciation recapture.) 

For example, say a person got into being an agent after 24 years in the NEW CONSTRUCTION home building industry, should they try to focus on luxury lake front properties?

Say a PM has 100 units and 2 are rent ready. one gets rented and one stays vacant, another one comes open.

If you have a non-standard sized rental say a 600 sqft place in an area where most rentals are 1100 sqft you will have a much harder time renting the unit since your rental doesn't conform to the major demographic, on the flip side its not competing in the same space (but you'll likely get less for it overall) - vs a 600 sqft unit in San Fransisco is considered a spacious apartment and will be competitive in that market for rent since there are a lot of single people and younger couples renting in that area and housing is limited.