Rather, I'm trying to maximize the new tax laws (bonus depreciation) to minimize my tax liabilities in the day job. 

As this is my very first time doing anything like this, I would rather be a bit cautious, over build, and perhaps reduce my margin slightly than try to do this on the cheap, and maximize profit, only to get burned by the rental business and have to deal with the headache of doing this all over again in less than a year or two.

What would you do to maximize profit?

To maximize on the deferment and pay 0%, it would have to be 10 years. 

Your broker should have given you all the options and how to maximize your money prior to entering in contract. 

You will need your wife's SSN to maximize the number of accounts. 

Forrest, I would also pick a primary focus of equity growth or cash flow (of course try to maximize both). 

I use both, because I want to maximize my exposure.

I’ve been using turbo tax previously but I’ve sold and acquired property in the last year so I want to make sure I am maximizing my benefit.

I would also recommend you setup an Airbnb account as well (if you don't already) to make sure you are maximizing your exposure.