Originally, I was hoping to have the property owner hold the property while I take the agricultural property through the feasibility study and rezoning to have paper lots approved by the city I choose to annex the property into.    

I'm sensing sarcasm, so here is a study that supports my points, specific for the Tampa area.

I have been studying up on books, listening to the BP podcasts and working on building relationships and letting people know that I am into REI. 

I actually advise on and develop reserve studies for a living.

You can also check out The Real Estate Guys and The Best Ever Real Estate Show for additional perspectives and insights.Regarding your university studies, a business or real estate minor could definitely help, but it’s not essential.

A cost segregation study was performed on this residential condo in Jupiter, FL purchased in 2022 with a depreciable cost basis of $672,870.

I am not sure if anyone ever cared to pull together the data but I am quite confident in saying a study that compared licensed to unlicensed contractors would tell the story of unlicensed contractors seeking greater deposits in relation to total project costs than those with all proper licenses.

If I buy a property for short term rental and do a cost segregation study to speed up depreciation, can I later decide to convert to a primary residence?

Study the PPM and offering materials....see how the projections meet the actual numbers and what went right or wrong. 

Your losses even depend on number of things like the basis of your earlier property, any additional capex required like HVAC or major repairs, output of cost segregation studies, etc.