If you are setting aside funds for capex, taxes, insurance, or other expenses that don't occur monthly, transfer those funds to Savings each month and hold them there until it's time to spend them.

I obviously want to get the best tax benefits and write off the expenses for the house and repairs I have done.

How does anyone expect people in a place with an average income of 25K a year to pay an average of $1400/mo rent? 

I purchased my first single-family rental last year on LLC and I did the cost segregation study on that property now I talk with my CPA and mention about the cost aggregation study for filing the last year tax return (2024)he said that I don't need to use it because anyway my tax return is going negative because of all the expenses of closing cost insurance HOA and everything so what would you suggest me that use my Cross aggregation study for my tax return or not. thank you in advance for your response .Have you spoken with your cost segregation partner?  

Don't let them choose for you.Just inspect what you expect....Also I would talk to housing office in Memphis to get a feel of how many people are on the Section 8 waitlist, what kind of rents they pay, what zip codes are they targeting, see if they have any stats about how long tenants stay and average rent.While a lot of people try to look at google street view to get an idea of the neighborhood, there is no substitute for visiting in person.

If you are setting aside funds for capex, taxes, insurance, or other expenses that don't occur monthly, transfer those funds to Savings each month and hold them there until it's time to spend them.

@Jordan Miller - I think to give proper guidance it would be good to share more details on the revenues and expenses on the property.

Since you know what you need to buy it at and an average rehab cost, I would say $50-70k for a cosmetic flip, set the ARV based on the sample you choose and doing comps and ask them if they would invest in a deal similar to this. 

What are the expected average rents for the 42 units?

Real estate investing is forgiving; the average person can still make money even with some big mistakes.