It is standard practice and component level depreciation is encouraged by the IRS.Though it is very important to track you time as you go along.

I actually had come across your post below in the Events forum and thought to myself it would have been nice to attend that to see first hand a local flip and talk shop about the process.https://www.biggerpockets.com/forums/521/topics/1215682-chec...I am happy to hear that someone with your experience in the region feels that Westchester is a market with some potential.

You're on the right track to reach out for help here and also to look to your area for potential partnerships.

Also 4th quarter of last year Packwood and county officially did discuss potentially regulating STR's by either limiting numbers or adding a tax to cover increases in local services that are needed. 

hey guys, I've been talking to a potential PM for my townhouse and he sent me his PM agreement for review.There are a few things in the agreement I didn't like, but I'm not sure if these are common practice or true RED flags.Would love to hear your thoughts...

Find Brandon's videos on YouTube for the "four square" method of analyzing homes and practice.

Back home I would make a packet for my appraiser and never had a bad appraisal due to the that I specified the value add and the Reno amount and broke it down so they saw the potential and it always worked.  

If you need some connections, I run the most active group of small landlords in the city and have a network of connections that you could potentially leverage.

Based in Tampa, I have a lot of knowledge in Pinellas County rules and regulations as well as best practices/highest returns. 

Also if you are selling, hopefully your agent has advised you but good practice to have a vacant unit to open the buyer pool to owner-occupied buyers/house hackers.