A cost segregation study is a strategic tax planning tool that separates the assets that have a shorter useful life and can be depreciated over 5, 7 and 15 years from the residential rental property or nonresidential real property that are depreciated over 27.5 and 39 years, respectively.

@Spencer Cuello As others mentioned, can be used if it's short term only and you have a plan to pay off before the 0% expires.Also note it's best used for the rehab portion of a deal after the purchase is complete. 

I plan to invest in a property in Florida worth no more than $1.5 million.

I give this plan a 1% of success.

My plan would be to actively manage the new property and hire a property management company to manage the first property. 

Edward, Do you plan to buy a place to live in and rehab or are you going to buy a place to live and a place to fix and flip?

My wife and I plan on moving to Grand Rapids in the next couple of years.

I'm writing an offer on a property that I'm planning to pay all cash for. 

We're planning on doing a 1031/121 combo.

For example, I've seen where a hobbyist investor/developer works on project, they hire an engineer and/or architect, but they ended up missing something vital, i.e. drainage issues, environmental, fire dept review, planning the wrong type of product for that market (buyer & renter demographic), etc.