If you have a good insurance broker, you should be able to use a more standard policy though.

STR standard depreciation is 39 years @Andy Lanyi@Jonathan Cooper even if you take Bonus Depreciation as @Basit Siddiqi highlighted the remainder 40% will be prorated using the Half-year convention or Mid-quarter convention used in line with what you read in IRS Pub 946 

@Joy McQuearyRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

I have been using Quickbooks online for years and love that it's the industry standard and robust software.

This is standard practice, but there are exceptions.

Also, if you have cash to complete the purchase, you can get preapproved and then make an offer with proof of funds and without a financing contingency with a standard 30 days to close.

This is because the envelope of the home was not built to modern standards and making functional living area can be challenging unless you have a lot of real estate to work with.

In the City of LA these unpermitted units typically still end up with a decent amount of construction work to bring it up to current code standards, but if you plan for it, and your budget/proforma allows for it, it can be an acceptable investment.

Simple standard sales process."

Website is standard...the thing is, if they get your info they will literally harass you with phone calls from some place in India.