The process of identifying assets for proper depreciation classification is called cost segregation.

These property types in Coconino county in AZ are a new classification (to me anyway) this year.

If you exceed into true multifamily classification (5+) the options will dry up.

There is a difference in their classification.

REI is a specific and complicated subset of business finance, accounting, and tax preparation - and taking advantage of the tax law to pay only the taxes that are legally due, requires tax code knowledge that is specific to this industry and your specific tax classification within it.I am very glad that you are asking about using an attorney - as there usually is a huge temptation to do it all yourself and the internet makes it look soooo easy.  

It appears the difference between a 15%  and 35% tax bill is whether or not you are classified as a real estate dealer.  Many consider you an RE dealer (or at least the IRS does), if you have a way of selling the prop...

In regards to neighborhoods here in Atlanta there is a good discussion thread on Atlanta Neighborhood classification Good Luck!

Yes, location is a big key and then its the "classification" of the neighberhood your subject property is in.  

I think that classification has more to do w location, less with just the pure age of the building

If so that would be a question for an accountant for sure as there would be different classifications based on your state.I think I am slightly confused, as if your friend is "gifting" you money each month it would be a deduction on their end if anything.