The one's I prefer handle everything in house, from purchasing the home, renovating it, renting it, then selling to an investor then managing for them on the back end.

When the home was purchased, it was conventional loan and the basement had tenants.

In my area specifically most investment type property listings are properties that were purchased 1 to 2 years ago.

Land is valuable as I could purchase a new mobile home and install and less costs since utilities are already on the land. 

I'd make sure just how much extra tax benefit will open up for you annually compared to the cost of the study.You are exactly right - a cost seg will get deferred in a 1031 exchange as long as the property you are purchasing is roughly the same components of things that were cost segregated.

Quote from @Laurens Van swol: We are exploring the possibility of purchasing an investment property in Florida.

The latest red flag is his belief he purchased a "fully renovated" property in Philadelphia for $115K.

Purchase price 70k currently pulling 900 rent ARV 110 - 140k, rehab about 25k 

In short: $4.25M Purchase Price. 15% down. 3.25% with seven years remaining. 

With a purchase price of $250k, your rent is WAY too low!