There are three valuation methods used in the majority of Insurance Policie:1.

By default, the depreciation method for short-term rental properties is the straight-line method.

I have used this method, it works.

A popular strategy to execute the BRRRR method is purchase the property using a fix & flip loan and then do a cash out refi into a DSCR loan to recoup your equity. 

There is a wide spread of housing from the North to the South and a massive quantity of bungalows.

Once, we move out of our unit, we have the flexibility to rent both as MTR or do a blend of other methods. 

Correct, I have housemates to help with living expenses; however, I am not really using the BRRRR method because my renovations are cosmetic (changing light fixtures, furniture, paint, small fixes).

Is one method better than the other?

If this is important, the choice is clear.However, if you invest using the BRRRR method, you should be able to pull money out of a property and use it again if you buy it well enough with equity.

Additionally, consider using a secure payment method for the deposit to prevent issues.