@James Walker I would start with planning and zoning, assuming you've done that part and/or feel likely you can get it approved, then I would pay for a feasibility study from a neutral 3rd party. 

@Randy Winzeler You are definitely still eligible for depreciation and a cost segregation study. 

A recent study showed that 80 people are moving to this city every single week, which will continue to increase housing demand.

If you are convinced this is the guru you want to follow, pick up a cheap resale on amazon or ebay...read and study it cover to cover. 

It involves using Section 179 or bonus depreciation, and I would not DIY this project, as distinction between repairs and capital improvements is one of the most confusing areas of the tax law.And no, you do not need a cost segregation study to deduct these components of your rehab - if you have itemized invoices and receipts.Myth 8: for a valid 1031 exchange, I must exchange STR for another STRNo, you don't.

Those landlords had best take some time out to study the law.When a landlord implements standards which are designed to eliminate certain aspects of risk, such as minimum income levels and credit scores, and those standards are equally applied to all applicants it is not discrimination or illegal.

I have never purchased an investment property, have minimum knowledge besides what I've studied on, and have zero hands on experience.

Over all i guess i need more study.

So I think you should try and sell it the way it is.I will say after much study and chatting with a dozen lender, no one will lend more than comps show on a working STR vs a standard home.So list the house as a house and then work out a deal on the furnishings etc.

Here's an article with additional FAQs on cost segregation studies that others may find helpful if considering a study.https://www.biggerpockets.com/forums/51/topics/1113749-cost-segregation-faq