I reviewed Form 8824 and after much research I generally feel comfortable completing the form as well as how to depreciate the carryover basis and additional (or excess) basis using either of the two allowable methods (general and simplified methods).  

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $41,000

Cash invested: $120,000

3 bed/1.5 bath
Currently rented

What made you interested in investing in t...

Use the HELOC to buy more BRRRR properties.

@Philip Muka have you explored/researched the "asset island" method? 

Part of the BRRRR tactic does invlove "refinance" so keep that in mind as you finish up the renovations and rates continue to drop.  

You can already write off expenses like mileage and meals as a sole proprietor, which is essentially what you’re doing now.For BRRRR, keep in mind that refinancing a property owned by an LLC can be more difficult, as many lenders prefer to deal with individuals.

PM me your preferred method of contact!

Better than Airdna use the Enemy Method. 

Or is there a more efficient method to do this?

My partner and I buy and rehab properties, then refi and hold long term (BRRRR).