Spent the past 4yrs reading, studying and listening to podcast on realestate investing.

Study investment homes.

Yes, you can do a cost segregation study in a year after the property is placed into service.However, you will need to file a form 3115 which basically says you screwed up the depreciation in the past and as a result recalculating the depreciation.

Vacation homes take some planning, I personally think shooting for break even profit/loss with a vacation home is a good tax strategy but if it is a cash cow I would gladly just pay the tax as you still come out significantly ahead and if you have one I probably wouldn't bother with a cost seg study unless you are getting extremely high rents.

Study the market.

As a specialized real estate CPA, I'm here to provide expert guidance on your most complex tax matters, from navigating 1031 exchanges and cost segregation studies to optimizing your rental property deductions and handling multi-entity structures.

Almost all builders can do the development work for you, but that's a unknown cost and nobody can give you an accurate quote without studying the site.

I had a couple market studies done by some real estate friends and property after renovation should appraise at $425K or more when i refi.

Quote from @Christie Gahan: G.Brian Davis:  How do you handle funds that due a cost seg study? 

Related to this, please also make sure and get a utility planning study done as part of your feasibility process.