When I give the repair bills & purchase price to my CPA, how will this differ from my typical expense deductions, since this is such a huge expense (for me thus far) and the house will have been a work in progress all of 2024?

Does that mean I forfeit any right to make any deductions for damage and must return the whole deposit?

That way if they cause a loss, their insurance covers your deductible. 

For these properties, I’ve calculated the Net Operating Income (NOI) based on 100% occupancy, then subtracted approximately 33% for expenses.Storage 1Unit Number: 105Size of Land: Litter under 1acre, probably not expandablePopulation: about 34K within 3 miles,Population Growth: 2-5% per yearTraffic Count: about 4KRent at 100%: $110KProjected NOI after deducting 33%: $73.7KAsking: $900KOffer price: $730-780K?

(Note its typically reduced by the percentage, so as an example if you pay 90% - $90k for a $100k loan, and the UPB was reduced by $1,000 - you get a $900 deduction not the full $1,000).But let's take a deeper dive into a LSA and some of the key areas - Specifically the section called "Representations, Warranties & Convenants" For both the buyer and seller. 

Solid equity position, a deduction, and cash flow

I set my deductibles at 5% as i only intend to use insurance for large losses.

This could boost your cash flow without relying on stock market returns (Which can be volatile)2.Real Estate Professional Status (REPS): If you’re leaving your W2 job, qualifying for REPS can allow you to deduct real estate losses against your ordinary income, giving you a big tax break.3.Cost Segregation: This can accelerate depreciation on your properties, creating significant tax deductions.

Make sure you understand the monthly deductible, and that the rent and maintenance guarantees don't kick in right away. 

Insurance would cover it, I would pay the deductible, and no assets would be lost.If you are in an area like San Diego where people are more likely to sue, a judge is more likely to find you guilty, and the payout is expected to be higher, you may consider an umbrella insurance policy.