If I do a substantial rehab on a BRRR property, say 50% (or whatever it costs) of the value of the property I paid cash for, do I add in the improvements to the sales price and count the whole thing as a package/acquisition costs then depreciation the total over the 27.5 years?

@Leilah Davis All of my new construction builds have used construction loan financing, so as part of the finance package, the bank does a pre-construction appraisal.  

Donna Bauer has a great, low cost package under $2k.

We do turnkey packages for out of state investors here in Florida. 

I buy the $3-$4 package from WalMart and leave the whole pack. 

@Jason White the best way to get out ahead of those new buyers who might ask "what was done to make it X from Y" is to provide a full renovation list as part of the listing package that sits in the house for showings and the Open House.

Any changes are at your discretion and you can work with your contractor to value engineer the updates you are looking to make based on the insurance settlement.Where is the property located & how many units in total were affected?

Very nicely finished throughout incl basement w/central air.I read there are 2 major approaches: fully engineered which looks expensive and something that approximates a DIY with a software package in which the user does the property inventory and allows the software to perform an estimation. 

Of course if you are serious - offer a package price that makes it work for you.

Maybe upgrading the appliance package or adding some curb appeal or create an outdoor entertaining space?