Hey Joey,Cost Segregation and REPS: Yes, you can perform a cost segregation study once your wife qualifies for Real Estate Professional Status (REPS) and use accelerated depreciation to offset your W2 income in subsequent years of renting the property.Purchasing Another Property: It can be beneficial to purchase another rental property within the first 5 years to continue maximizing depreciation deductions.

During the previous crash of 2006 - 2010, real estate really did experience a bubble.

Typically I try to stick to 2-4 bedroom single families as larger homes do not bring much more in rent but more in repairs.Thanks for sharing your experience.

From my experience many lenders and especially realtors do not understand the loan.

If you could pay down the mortgage with the cash and recast, and simultaneously put a line of credit on the new equity, that could be more beneficial as it would still preserve liquidity while reducing the overall interest load.

I'm a construction cost estimator building my real estate network, and want to offer my experience to the BP forums.I've spent 3 years in residential estimating and 5 years in commercial estimating.

Look for signs of that because in my experience these people that are not on the lease and not liable for anything don't generally care the property.1. 

Does anyone have experience doing this and can show me how best to go about it? 

What you experience in Milwaukee is pretty typical for a class D neighborhood.

Does anyone have suggestions or experience in this area?