Study up.CRITICALLY IMPORTANT: Screen the tenants thoroughly.

Quote from @Alexandra Moraes: Keep practicing the numbers, studying the market, and determining what will work best for you when the time comes.

Great savings from your cost segregation study!

@Patrick McMaster Typically CPAs don't perform cost segregation studies, but they do need to understand how to utilize the cost segregation study report on your tax return.

Currently I'm studying for my CFP exam but I am still finding time to practice some of the basics like property analysis and even from the financial planning side trying to do some extra study on financial planning for real estate investors.

During periods of high inflation some studies show average real estate investment returns as high as 9.5%This is supported by recent and current inflationary conditions. 

Lewisville (suburb of Dallas) just banned any new STRs for one year while the city studies its effects.

Link up with a CPA first (to make sure the cost seg study will even benefit you) and a reputable cost seg firm to perform the study.

A cost segregation study may allow you to deduct $150k in depreciation expense in the tax year of acquisition.This would create a large tax loss (notably different than an actual operating loss).

The key is getting a good RE consultant that specializes in no-cost consulting, engineering-based cost segregation estimates, and reasonable study costs who works with your CPA/tax professional.