Bonus question: what kind of impact does this have on my taxes and how do I file this?

Bonus depreciate it at 60% minus 25% for the land.

With the current 80% bonus depreciation, it translates into a $40k deduction and $10k in tax savings, give or take.

Bonus if the property has a rent roll showing steady income over the last 6-12 months. 

  * A bonus play would be purchasing a small commercial property with at least a 25 space lot in the aforementioned areas; the idea is to convert the lot into paid parking to increase value.   

We advertised it as a "bonus room/ office" and I think that helped attract the right applicants (they were not expecting a 3 bedroom apartment and then arriving to find out it was only 2 beds with an awkward bonus room).  

We didn't get much traction with Roomster and Kopa as by-the-room platforms, and we are a smaller market without a Padsplit presence.There are a lot of work crews passing through our neck of the woods, so the private rooms are appreciated as a bonus. 

Equity is a bonus.

Great breakdown of Bonus depreciation for RE.

You don't have to worry about damage to the equipment or it being stolen.But if you do decide to buy the equipment, there is a good chance that it will be eligible for bonus depreciation and potentially 179 expense depending on your net income.