This is standard practice, but there are exceptions.

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 

But typically impact fees are related to water & wastewater services, or a traffic impact fee. 

If it is, I would do whatever I could to get good paying tenants in there right away,  If it is vacant, you are going to be running through cash like water through a sieve. 

For example, some states the standard inspection period is 14 days, but you can request longer or shorter in the offer letter and if the seller agrees and signs, its binding.

Water bill triples so they want to check for leaks, too many cars parked in the street. 

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.

Look, I think of it this simple, I don't know a single established millionaire who does the "standard" consumer debt thing.

@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?

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