Additionally, you may want to consult with a real estate attorney or financial advisor to ensure the deal is structured in a way that is advantageous for you.

Now that this property is renovated and rented, will you continue to purchase additional properties? 

There is a cabin on the property that can accommodate additional 6-10 guests but the current owner has chosen not to rent this cabin despite the numerous requests.

An additional benefit of a detailed engineering-based Cost Segregation Study is that it can increase potential insurance premium savings as well as provides support for the property tax appeals process.

@Costin I.Here's an article with additional FAQs on cost segregation studies that you may find helpful:https://www.biggerpockets.com/forums/51/topics/1113749-cost-segregation-faqAs Michael mentioned, you need to use your cost basis in the property for a cost segregation study.

I always recommend State Farm, as their standard homeowner policy will cover your additional rental unit automatically. 

By renovating the unit with the damaged subfloor and adding basic improvement to it and each of the other units as they come open, I plan to add 25-35% additional value in the next year or two.

This person / company was frequently well known by the Department of Environmental Quality, and may have been employed by them prior to their striking out and forming their own wetland consulting company.

But, once I pay off my first property I could take a loan out against the property for additional cheap properties.

@Kirk RobertsIn addition to whats been said..