Also, here's an article with additional FAQs on cost segregation studies that you may find helpful.

The cons as i see it include loosing the 2 of 5 year cap gain exception, typically not an ideal rental because the emphasis at purchase was buying a good home for your family and not a rental with optimal return (my ex-home consistently has the lowest cash flow for equity in my RE portfolio), not disconnected enough from the property causes addition angst on damage and may result in over improvement.  

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

In addition, I presented his was not the usual use case because he was unleveraged.  

These are just some of the additional items that will have a significant impact on carrier's rates, your premiums, and whether we start to see the insurance market soften anytime soon or not.

If you can't manage what you currently have, you won't manage additional income from investments.

If so that's a big additional risk for the buyer.

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.

Down payment should be about the same (20% on a buy-and-hold) but you'll see an additional $3-$6k on average in CC and the ability to keep it off of your DTI/Personal credit along with hopefully no more hard inquiries on your credit (many lenders will accept/perform a soft pull).