Doing that, instead of putting down $30,000 - $40,000 on a more traditional $125,000 +/- home or duplex, would, I think allow me to acquire two properties a lot faster.... plus, again, the added bonus of the cash flow on the first property. 

Well, what this place has going for itself is some ridiculously generous tax abatement.

Plus the added bonus of a commission, or a reduction in purchase price.

Bonus question: opinions on rezoning/repurposing adjacent SFR to commercial uses which are catered to students? 

It would be a bonus if they could integrate with Buildertrend too.

He estimates that I can use bonus depreciation to get effectively $900k of depreciation in the first year. 

My current property was bought for a little more than land value at the time, but 14 years later, the same land would cost nearly three times what we paid, and the "free" 4 bedroom 3000 sq ft home is still a bonus, even though it could still use some more "fixing up".

But I think it could be an added bonus to let tenants know that the windows are brand new. 

If you are good at it, you'll have no shortage of business.The real bonus is sales!

I would much rather have them put a bonus structure in place where I would pay them less in property management fees (say 7% to 8%) and then give a bonus on top of that if they collect my rents on time.