The same applies to a Conventional purchase classified as investment.

I rent out 4 of the 5 bedrooms here and live in the 5th.Lets say I want to go get an apartment/studio in order to increase my productivity and eliminate distractions, and rent out my 5th bedroom.Let's say I want to sell the house at any time within the following 24 months.The 2 out of 5 year rule still applies right? 

Before getting into full design and costing, does anyone have any rule of thumb cost guidance to apply?

Either the tenants or the owner need to apply.

I recently read the book “Investing in Real Estate with no and low money down” by Brandon Turner and one question I had about syndications is I know the limited partners generally pay for the down payment and different fees but in terms of the loan itself from the bank do the general partners apply for that as a business loan?

If you go for quantity, you may not have enough profits (if any) after the deal is done.So again, what ever your taste is great, but giving advise to 2M people when the advise only applies to you is not fair for people reading this.Either way... 

Bonus depreciation can be applied to assets with a useful life of less than 20 years.

I was following the BP playbook of creating an emotional connection with the seller by sending pictures. that's something Brandon turner has been recommending for ages. well keep in mind the 2% rule does not work anymore either and laws are constantly changing.NOW  this might not apply to NON owner occ homes and commercial purpose  type transactions .. i just know you cant do it for the average buyer looking to buy from the owner occ seller and live in it.. there may be a commercial carve out.these letters were VERY common until the new law passed this is why you rely on your agent to keep you abreast of the actual laws and rules.   

You need to get to your local RE meeting , learn then apply what you learnGood Luck 

Your tenant is a perfect example of why the fund was created (though I still disagree with it).She can apply for back rent as well as future rent.