I know a cost segregation study would be too expensive for such a small amount of property, but is it permissible for me to estimate the value of the components on my own?

If you have an LLC, the accounts should be business accounts in the name of the LLC.

Just wanted to give an update on my original "Morris Invest Case Study".

You can collect rent, do your banking (unlimited virtual accounts), and do your accounting.

Focus on tax-saving strategies such as cost segregation studies and bonus depreciation to accelerate deductions.By qualifying as a Real Estate Professional (spending 750+ hours annually and materially participating), you can offset your wife’s S-Corp income with real estate losses, reducing your tax liability.

To set the scene: A cost seg study breaks your property into two important categories:1250 "real" property aka the building, foundation and other long life assets.1245 property aka anything that can be accelerated such as 5, 7, or 15 year property like carpets, cabinets, or other site improvements.

I am currently a student at Florida International University, studying International Business.

Nope......i heard of it on a podcast though.i actually have studied banking and economics for the last year and a half.

To answer your question: yes, large studies released by the bigger brokerages have shown Phoenix and other sunbelt markets showing overall rent declines.

Depending on how you use the property, you may benefit from a cost segregation study and bonus depreciation once the property is in service.