We have a few STRs that we have done cost segregation studies on.

This reminds me of my 8th grade class president trying to bribe people with longer study halls, a vending machine and soda fountain in the room and ice cream fridays.

While you will need an engineering company to complete the Studies, you will need a tax preparer to file Form 3115 to do the catch up, as suggested above.

Your strategy of re-marketing a 3-bedroom plus office as a 4-bedroom home office is a smart way to boost rental demand and rental income without major renovations.One insight I’d add is the potential benefit of exploring cost segregation studies once you build a larger portfolio.

But I have started to take my real estate endeavors serious over the last year and my studies much more serious over the last 5 months and although I may not be ready, I am ready and eager to take that leap of faith and try and put what I know into affect with the right people and obtain my first property in the West Texas area via House Hacking or a buy and hold deal within the next 60-90 days. 

If you're going to start with one at a time, know and study your competition.Good luck....you are right in the heat of things. 

The fact that it’s a major rehab over six figures makes it worth considering a cost segregation study.

For example questions I like to ask are: What are the current rents, target rents and who did the market study to show you can get those rents?

Study the market.

Invest some of it in real estate companies with a Robinhood account, so you learn some of the lingo, read their reports, study how they make money.