My question is, do I just use the heavily reduced price I was able to purchase it for since it was vacant, and then the material cost of what I renovated plus what things I did contract out, even though that basis would be way under what the other renovated houses that sold near me per SF sold at, or are you able to use similar comps to determine the depreciation basis?

We had challenges getting the tenants to vacate, we had material supply delays during the pandemic, and I was juggling several other projects at the same time.

You can cover the wire mesh with drywall patches (they tape on wall and across the wire, white/paintable, different sizes) as the wire mesh is what will prevent the rats from eating their way into the property (the covering material is cosmetic only).

Type of construction materials for the build(block/metal frame/wood frame), separate utilities, finishes, tech, cleaning crews, any tips and tricks would be HUGE! 

Second, for you as a taxpayer you need to evaluate if your tax situation (e.g. property type, tax profile, material participation, etc.) will allow you to leverage additional losses generate from cost seg to optimize your taxes. 

Estimated CostsADU costs can range DRAMATICALLY depending on the state of the lot, custom vs fast track plans, size of ADU, materials and finishes, speed and quality of the builder, etc.

Good call, Noel—licensing and insurance are critical, but in Tennessee, a contractor’s license is generally required for projects totaling $25,000 or more, including labor and materials (See Tennessee's licensing requirements).

He seemed legitimate at first, and I even had a few friends look over the materials he provided.

I would have been ok with the latter numbers because I have been stockpiling materials for like two months, but...I did not know if I could trust them due to the lack of "professionalism," and my lack of experience. 

It's a way for them to maintain control over their material and keep their audience intimate.