Also, in order to take the bonus depreciation, do I need to amend prior year return, or can I take the adjustment in the current year?

I recommend you do this annually to adjust for utility increases and other variables.

Curious to hear from people who have actually taken a swing at this and how it turned out Hello @Eric Smith…I am a certified builder here in the panhandle of Florida.

Where I live in Florida, payment is due the next day... in cash or certified funds.  

They were efficient and thorough, and they are certified (IICRC).

You must notify them by certified mail of the shortage between their security deposit and the cost of cleaning, repairs and two months rent.

I will not go all over town picking up cash payments as a small petite woman for security reasons and to protect my tenants interests in knowing that when they go to the bank they get certified documentation that they paid the full amount as opposed to me giving them a hand written receipt.

Simply write down your qualifications that you use to screen your tenants and you can adjust them over time, but you need to start with something. 

Many owners now trying to flip them to MTR, so now that market is also probably over saturated.If you are super creative and maybe have some great connections with demand generators....like you work in the HR department of a reginal hospital or are a transplant coordinator or maybe a placement/claims adjuster for an insurance company, there is probably hope. 

Choose,It's good to have a general guideline to start with, but as you gain experience in a particular market you need to adjust your numbers based on experience.