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.

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.

. ($80k renting for $1200 vs $40k renting for $800 multiplied by the ratio above vs boring consistency of the nicer area) Oh and I have zero excitement for apartments.

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.

Development has both the greatest returns and the worst pit falls.I don't want to bore you guys with details but.....I will :)Due to the layout of the road and the small size of my lot the only way we can get 400' in both directions would be to have our sightline fall through an abutters lot (which is what the DOT wants me to do).

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.

Where are you studying self storage as an REI?

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