Your CPA might be confusing Bonus depreciation with 179 expense deduction. 179 deduction which was also increased to 100% with the tax reform can only be applied to non-residential property.To clarify, the 100% bonus depreciation applies to property that has a useful life of under 20 years.

The public records will show the total amount of the loan, but not the outstanding balance so they won't know if you are leveraged or not.

@Jon Dorsey - You will definitely still be profitable at $2M albeit less than you may want.Are the utilities public or private?

When mailing to non owner occupied property owner, do you mail to the address on the county tax site?

You should know exactly what you're agreeing to when they ask you to sign their one page assignment contract.Fourth, Most deposits to wholesalers are non refundable so make sure all of your questions are answered before handing over a check, preferably over email so it's documented.Fifth, Do not stop your diligence until you close.

I'm not swimming in cash but I know that others are coming up with the down payments for their units.

The IRA would have to cover any expenses such as mortgages, property taxes, etc.An IRA must obtain a non-recourse loan, meaning no personal guarantee from you. 

Can the non working spouse claim all the rental income, even if they both would own the property?

The IRA owns the LLC and your client is the non-owner manager of the LLC. 

Haven't spent much time in the neighborhood, but there is low crime compared to the rest of Chicago and public transportation nearby.