My first question is that can I do a cost seg next year, when she qualifies for REPS (as she doesn’t qualify now), and use that depreciation for my W2 income in the second year of us renting the property?

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There are initial and annual costs involved, and you have to sign up with a brokerage. 

It cost about $3200 (they will send you a discount code if you look at it a few times) and had 6 classes all 2 weeks long.

In my local market (SE Michigan) construction costs have gone up but home prices have fallen.

Also, the opportunity cost of leaving the property vacant for a year while paying a mortgage on it and not receiving rental income is much higher than what the marginal difference in rate will cost you until you cashout refi it.

there are costs to close on the buy, costs to hold, costs to finance, and then MAJOR costs to sell, plus...

Folks tend to far underestimate the cost, and length of time, that it takes to rebuild from a disaster such as this.

BTW, PV is currently hawking a "we partner with you" scheme that will cost $9500!

Cost to build should not matter there.Look at your deals.