Welcome to Bigger Pockets and love see local folks getting into real estate investing!

Are you in an area where land is very valuable leaving you with less to depreciate?

I've now used it twice.The program requires 10% down, must be a rental, no PMI, and has a very high standard of credit.Last I did it (Summer 2022), my rate landed in the low 5%.  

Quote from @Kyle Carter: The comps that come from local real estate agents will be the best for this one.

How does everyone feel about investing in Oklahoma? I would love to know!

In your case, changing the property from a rental to your primary residence constitutes a change in use.The depreciation recapture will be calculated based on the fair market value of the building at the time of conversion, not including the land value.Since you're tearing down the existing structure, the entire amount of depreciation taken over the past two years will likely be recaptured, as the building's value at conversion will effectively be zero.The recaptured amount will be taxed as ordinary income, up to a maximum rate of 25% for residential rental property (Section 1250 property).

A common misconception is that real estate properties under $1M have a smaller tax basis and therefore do not benefit from a cost segregation study due to the associated fees.

@James TobinJames, congratulations on deciding to take the first step into real estate investing!

Or maybe even the "Commercial Real Estate" forum.  

There are a lot of site-specific issues you need to investigate before deciding what the land is worth to you.