Know that you will only get a rough estimate because most school districts haven't even voted on next year's budget yet.

Depreciation qualifies as a business deduction.You do increase the chance of an audit with an amended return.

However, as these properties are all brick construction, the typical insurance quote provides astronomical replacement estimates (~$1M each). 

I really like to use rough estimates, 1% rule, 50% rule, etc.

It also leaves nowhere to add Person D.I also don't want to create a lease that just runs from April to June because that would give Persons A and B a chance to change their mind at the last minute and decide to move out as well in June.Thanks for any suggestions.

Does anyone have a estimate of how much it would cost to rezone my property to R-2?

I have had trouble with accurately estimating rehab costs I'm not sure if the best route is to start calling subcontractors and ask for bids on an example house or if I should just get a GC or someone who is experienced in the area to walk properties with me at the start?

There is minuscule chance, an average Joe who wants to be successful in Real Estate, other than borrowing money from family, having many friends, raising capital via syndications, creating a Corporate Entity, ( which necessarily don’t impress me, there 100 unit apartments, over leveraged, I could do in my sleep!

I’ll have to look back at the original estimate and see how many squares it was. 

With that much cash flow though I imagine you'd still be in great shape even if you used more conservative estimates on the expenses/reserves.Also, make sure $1,200.00 is the actual market rent for the property.Good luck!