I ran into this recent TurboTax article  that led me to believe it was possible: Second, you may have a net operating loss (NOL) if the Section 1231 loss is large enough to reduce your other income below zero.

https://www.cbs8.com/article/news/local/working-for-you/new-...In these extreme cases there is money to be made like most large development.  

There are two VA loan articles I wrote for the BiggerPockets blog that will tell you everything you need to know.

I'm sure there are likely articles and posts on the BP blogs about this very topic, don't be hesitant to check those out.  

Here's an article with things to consider when selecting a cost segregation company.

@Olivia Leija I'm glad you found the article to be helpful!

Generally speaking, at least in my Jurisdiction, one must be someone who has been given such a task by the Articles or a high officer.

Definitely go the legal route here, don't rent out the basement unless you have the OK from the relevant authorities--it's regulated for a reason (fire safety, carbon monoxide poisoning, etc.) and your insurance will not have your back if something goes wrong.

Here's an article with things to consider when selecting a cost segregation company.

This has the potential to be passed later this year.For additional questions, checkout this article on Cost Segregation FAQs.Have you had a cost segregation study performed on your commercial property?