I informed the seller that because of the overlay, the property may be 2 build eligible in-spite its small lot size.

If you have not already purchased this policy, I would look for a policy that provided a stated amount deductible for wind/hail vs. a % deductible.

These tax deductions do not require you to become a real estate professional.

Yes, you can deduct the 8 days rent from the security deposit.

This is due to bonus depreciation which allows taxpayers to deduct 100% of qualifying property costs in the first year, in addition to regular depreciation for new construction and improvement.

all materials, all labor costs to others, Not you, utilities, interest payments, permits, licenses, auto/truck expenses, tools needed are all deductable. 

A 1031 exchange doesn’t apply, but funding through a self-directed IRA can defer taxes, though profits from debt financing may trigger UBIT.To reduce taxes, consider forming an LLC for better expense deductions, offsetting gains with investment losses, or holding the property for 12+ months to qualify for lower long-term capital gains rates.This post does not create a CPA-Client relationship.

Since the boat is personal, that interest expense is personal, and is no longer deductible - for each year and forever more. 

YOLOGeneral principle of taxation: to take a deduction, you mustA. be legally response for this payment and B. actually make the paymentThe conclusion should be obvious.

You cannot deduct your rehab costs until the property is in service.