You're talking about looking at expected life of some of the building components and depreciating them at different rates? 

The easiest way to starve in this industry is to expect everyone wants to teach you how to be a millionaire.

They said they expect to be out sometime mid-August but I gave them until the 31st.

Also, be aware that Texas property taxes are higher than you might expect, and they increase every 1-2 years. 

But i hear a lot of expectancy of it dropping in 2 years and then i hear a lot thats its only going to get higher for the next 5 years.

Tell him thanks , and when the tenant asks for payment , ask for the reciept for the faucet and tell them to contact you first if something is broken . if they ask for $$$ for labor , say no 

Ultimately yes you want reserves but ask your lenders what they expect up front. 

What % expenses would you be expecting to see with this size property?

I'm not a rehabber, but I'd expect that if you were looking to come flip in Vegas, you might be fighting a lot of incumbents at this point.

Something will break / leak, you will go over on your Reno budget, things will take longer than expected and you will have some vacancy at some point.