The IRS typically requires the property to be placed in service as a rental property before you can start claiming depreciation.Once the property is converted to a rental and placed in service as such, you can then conduct the cost segregation study and claim depreciation on the rental portion of the property.

I have one and they're currently at 4%+, no minimum balance, no transfer fees and unlimited transfers, and they pay out interest monthly.

If the building is currently recognized as a single family residence,  then you are changing use and presumably will need to sprinkler the building and satisfy other fire rating and STC rating requirements not to mention the added costs of having to run mechanicals for multiple units, multiple kitchens, additional bathrooms etc.  

Assuming you paid $430k, put down 10% ($43k) so have a loan balance around $387k and $100k in equity means it’s worth $487k.

For example, hotels or short-term rental properties like Airbnb often generate more income than traditional apartments, especially if the location supports it.Entitlements and Approvals: Check whether your project fits within the land’s current zoning (by-right uses) or if it will require variances or rezoning.

@Charlie Martin Buying under an LLC offers liability protection and separates business finances, but it can complicate financing with higher rates and stricter terms, and lenders may still require a personal guarantee, impacting your DTI.For your first property, consider purchasing in your personal name for better loan terms and transferring it to an LLC later if needed, while using strong umbrella insurance to mitigate risk.

According to the Texas A&M Real Estate Center, we find a balanced real estate market at around 6.5 months of inventory.

Create a simple spreadsheet or written list to compare the features of each and identify the ones that align with your requirements.

It likely will require years to achieve cash neutral.  

Can you share what kind of proof you will require tenants to provide when they claim their pets are service pets/ ESG, will there be any different proofs between Service Pets and ESG?