Cost segregation = breaking a piece of real estate into more components than just building and land.The different components will normally be depreciated as a faster rate and potentially eligible for bonus depreciation.Given that the property was placed into service in the past, you will need to do a 'change in accounting method'.Also, the cost segregation may be harder to determine as only assets at the time of purchase count. 

I wish there were more Canadian components present!

Foundations are one of the most important components of structures.

The city also provided written documentation, that they'd be willing to assist in zoning changes if need be for an office / residential component, senior living, or just straight apartments.

I'd recommend getting a HML for the acquisition and renovation components; $90k will be sufficient to take on most projects that would be appropriate for a first timer.

Here, the benefits of new are: 1) builder warranties are provided, 2) the homes are new so your larger capital components (AC, roof, etc.) should be good for a while (though you should be setting money aside for their future replacement), 3) lower insurance costs, and 4) no upfront fixing to do, among other lesser benefits. 

This is my first deal, am I on the right track or missing a key component?

Prospecting, follow-up, and business organization are all massive components of the business that could and should be broken down into manageable daily tasks. 

@Rick Pozos  I agree in paying these things off.... as quick as possible.. this refi till you die and max leverage will come back to bite folks in some markets as conditions in the market place swing..plus if you go the community bank route  net worth is a big component and not max leverage..

no argument there...i am already working that end of the spectrum. however i don't want to deny myself a chance to make some money in the interim. the reason i put that out there the way i did is because i'm looking to partner with someone and "pay the cost" of not having the key elements (no money,credit) while i "do whatever it takes" to get in the fast lane. my best thought so far is to piggyback on a line of credit using property to secure while i rehab low price homes here in alabama initially. i am offering 2% over the cost of the line as well as 2 points on the draw for purchase and acquisition as well as 20% on the net sale. all the other components are there (knowledge,expereince,construction teams, retailers, marketing and financing through conventional,fha or notes) that is why i am grinding everyday, no is not an option and plan b is plan a...i'm sure you know all the cliches.