Once the cost segregation study is complete, will I be able to take a full year of depreciation or only a prorated 4 months? 

So translate this into a language that is easier to process.You made a mistake and turned left.In order to FIX your mistake they are telling you to... check this out....

The lease has language that the tenant is signing off on the condition of the house as-is, undamaged. 

First - you have to mention what the syndication will do as that will have an impact on how you get taxed.Given that this is a real estate forum, it is assumed that you are investing in a syndication that will invest in real estate.Most real estate syndications purchase real estate in year 1 and have a plan of selling / exiting in year 5 or 7.Often times, the sponsor will get a cost segregation study which increases the loss on the K-1 presented to the investor in year 1.This may be important as it almost guarantees that there will be no taxable income from the syndication from year 1 to the year before exit.If the syndication does well and exits at a price more than purchase, it may result in a taxable income. 

I'm new here and I have spent a couple of years studying real estate investing strategies.

Then, you need to study the IRS Publication 523 regarding the Sale of a Residence.

That is sort of the social studies class answer.

Have you completed a geotechnical study & are the soils good?

I’m studying to get licensed soon.

I have had the "limited recourse" language vetted by attorneys representing our clients.