That's a typical scenario and could cost you $10,000 - $15,000 so that would be a good starting point for your reserve.But there's more!

I may try something like that.For when you do respond @Noah Wright that is am amazing breakdown of how to write a good reply that won't come off as condescending to other guests.We have responded to reviews in the past, typically when it is actually helpful feedback and we address the issue so we can let future guests know it's resolved and that we actively listen to feedback.

I'm VERY new to all of this, I don't have much of an idea on what contracts to use, to use or not to use an agent in the process, typical deposit I should put down while finding a buyer, etc.

You’re right that you typically just need to rent it out for at least one week in the year to potentially qualify for that bonus depreciation after you do the cost segregation study.

I hate to be the bearer of bad news, but off-market strategies typically aren’t the best approach for acquiring multi-unit properties.

you need to plan to hold for 6 months because 6 months is typically when you get the best rates on a refi. 

Housing prices in two of our larger cities (Vancouver and Toronto) are also crazy high (eg $1M to buy a starter home)...actually in Vancouver proper at the moment the cheapest home (single family, not strata) is $1.2M...surprisingly (to me) in Toronto the cheapest home on the market is $650K (ignoring some listed for $1 as clearly there is a catch).Our mortgages work differently than in the US, and what we get for rates are only locked in for 1-5 years (typically) and then we have to renew at whatever the current rates are. 

Typically they are over valued based on their comps they provide, so make sure to do your own comps.Also as you mention, I have had a lot better luck with realtors on pocket listings or just in conversations with them than I have had with wholesalers.

The average company only lasts ten years, and even large companies listed on the S&P 500 typically survive just 18 years.

So typically depreciation and expensing of costs usually happen on the placed in service date.