It's a 1500-1600 sq ft home on maybe half an acre of land. 

I'm willing to help this person in any way I can.

You are in the right place to learn and network.

In order to determine if your property is eligible and ensure your assets are assigned to their respective recovery periods, a cost segregation study is needed.A cost segregation study is a strategic tax planning tool that separates the assets that have a shorter useful life and can be depreciated over 5, 7 and 15 years from the residential rental property or nonresidential real property that are depreciated over 27.5 and 39 years, respectively.

We have started a leads generating business that generates top property leads suited to fit your specific criteria.

I'm not super educated on the options.

Welcome to BP Frank. 

You might also want to do the math on a convention loan instead.

I’m curious to hear if people have done this in the past, how they did it, how they started, etc.Any thoughts / discussion / enlightenment on this is encouraged!

Here’s the “skinny” on almost all subject to situations.