It's a MTRIt's definitely a little more headache than a typical LTR, but you're rewarded for the effort with much better cash flow.

I like to use my computer to upload and organize my receipts typically, but that is because I typically have "scanned" receipts to my google drive from my phone camera. 

The cost segregation studies that typically yield the highest credits and deduction are for properties valued at $150,000 or more or that have lots of added features such as components to operate or high-end custom finishes.

Lowering it by $100 could gain more interest & lease it out sooner.

I'm in Los Angeles, and the most I can pay on flips is typically 60-65%.You want to get recently sold comps to value the property, it's the best way to be sure of the value.

If you do a 1031 exchange, you can defer both the capital gains tax and the depreciation recapture, which is a nice benefit.

@Rachel Seymour-NewtonIf the smaller property is a strong deal with solid cash flow and tenant demand, it could make sense to buy now and start gaining experience.

And then add in the typical appreciation of say 3 to 5% (of 500k).

However, it’s important to factor in HOA fees, local regulations on short-term rentals, and property management logistics.The Las Vegas market doesn't follow the 1% or 2% rule typically seen in cash flow-heavy markets, but it can still offer good returns through appreciation and strong rental demand.

The other option is a water supply line, but that would typically resulting a steady leak and the damage would occur faster.Really think about what is above that space that could cause the issue.