These will not be popular like before with that down % catch 22.

Your basis in the property is lesser of the below in the year it was converted to rental: 1) your adjusted basis - ( purchase price adjusted for other various stuff -- such as settlement cost, improvements to your house and so forth. 2) FMV ( which is not a tax assessment) if you have used the wrong basis, in 2016,  to keep things simpler and practical, I would catch up the depreciation to make it correct this year. your depreciation basis is determined on the year it was converted to rental, and generally, does not evaluate each year.If any improvements are made to a property, they will be depreciated as a separate asset. 

I certainly hope it doesn't catch on.  

Couple that with the fact that you're getting hit with recapture when you sell whether you take the depreciation or not and it should be clear that you should take it.Alternatively you could not take it and file Form 3115 in the future to catch up on missed depreciation, but that'll cost you a pretty penny to have a professional fill it out for you and likely not be worth the difference from jumping a bracket unless it's a high value property and you'd pair that with accelerated depreciation which doesn't seem to be the case here. 

Price: $193K CashRehab cost: $20-30KARV: $250-275My ready, fire, aim strategy is catching up with me and I realize that this thing is only worth it if my rehab costs don't go above 20K. 

They figure that they'll catch up before the eviction become final - which they usually don't , because they live paycheck to paycheck. 

It was pretty tough emotionally because I have a family and my wife had recently had an extremely tough pregnancy including 3 months in the hospital.

This puts me in a bit of a catch-22, how can I get commercial brokerage experience when none of them accept new agents? 

Gotta catch a few Raiders games this season!

So far the catch I see is that the city has recorded tax liens on it since 1997 since 1997 to the tune of $7k.