All it does is takes your already calculated tax basis (again - your actual acquisition) and identifies some components of that basis that have more favorable depreciation treatment. 

@Kevin Sobilo is correct, this property will more than likely not qualify for 1031 exchange treatment.

You may find buying what might appear to be a lesser cash on cash return rental asset that's held long enough to take advantage of more efficient long term capital gains tax treatment, while paired with the benefits of the depreciation might yield a better after tax return than flipping a home.

Just go to a local home goods store and you might find some cool options.I recently redid my own place with new window treatments, and I found a helpful comparison website to check out various options and prices.

But a Zinsser wood bleach kit and follow the directions.Sometimes, you're going to want the whole wood floor to be darker, and anytime you do, that's great news for spot treatment, because it makes matching the stained wood to the rest of the floor a lot easier.

As of this post, I have not yet had my appointment with my neurologist to discuss the findings and route of treatment.

While it may come at a higher cost, for a project involving plumbing, boiler conversion, and termite treatment, my strong recommendation is to opt for a reputable general contractor.

That said, they did pair me with a tax professional, who has been a godsend, and has really been so much help to me in terms of getting some much more favorable treatment with my tax liabilities. 

Most common treatment is to treat it like a business =self employment income and then take a huge loss against your ordinary income

I've always been told to buy & hold in the partnership, but do flips in an S-corp for cap gains treatment.