I am not a CPA, so check with yours first, but I believe you are able to file a forms 3115 and 481a (change of method of accounting) which allow you to claim previous year's depreciation without actually amending previous years tax returns. 

Property tax's in some markets are really something to be concerned about when they reassess..  

I want sufficient insurance, but if something catastrophic were to happen I would construct under more modern building methods.

It all depends upon our personal situation and where you are in your life, I don't mean to discourage you with my concerns above, just a full analysis of what is best should work in your favor whatever decision you make, good luck.

It is not necessary to change the lease language.If your concern is changing the lease over from C to D have them sign a M2M for April that will auto renew each month.

HELOCs do have significantly lower closing costs but if you use one for the down payment, you will need to have a method of paying it back relatively quickly. 

Aaron,With the market being so hot right now I think I will be following your method.

@Hadar Orkibi yes, your method can get you 70%. 

After the hurricane I have been looking into prices to start buying properties using the BRRR method or even getting into flipping if possible.

We know and trust the family and have no concern about getting paid, but we know there are risks and would foreclose if necessary.