I have found the additional context in our NY property laws that answers my question though and fortunately it looks like the misunderstanding will only cost me $400.

Folks who say that they won't for fear of economic turmoil in my opinion seriously misunderstand the Fed's role, purpose, and leadership.- This is not a good time to be speculative or to think "buy low, sell high", because interest rates rising will drive down asset prices on any business, real estate, or speculative asset that you can borrow against. - It's a fine time to buy assets that are likely to see cash flow increase with inflation, so long as you can live with the market prices of those assets falling in the short-term or medium term. - The US is still the best economy in the world, the dollar still the best currency.

Apologies if I completely misunderstand cost segregation study.Thanks a lot!

I may be misunderstanding but are you accounting property tax and insurance as 5% each?

Something tells me this is either a misunderstanding or something to do with your lot. 

I think you have a serious misunderstanding.

Doing so, to me, reflects a fundamental misunderstanding of the asset. 

I could be misunderstanding your post though regarding the cleanup from the 2000 gallon tank.

You don't want to have any misunderstanding. 

I am probably misunderstanding but if you can live in a house that you are going to rent after fixing it up, I believe that is a great idea.