Then get with your tax Person to find out what the cost of this type of setup will be, and also talk to your lender to see if this is going to put any restrictions on your borrowing.Good Luck! 

However, if you are going to take advantage of cost segregation, I would recommend working with a CPA that specializes in real estate such as Michael, Ashish, etc. or I'd be happy to provide additional recommendations rather than doing it yourself through turbo tax.Here's an article with additional FAQs on cost segregation studies that you may find helpful.

I know a  couple of people that are doing find on their own for that kind of product.There is a Facebook group called Coachella Valley Short Term Rental Owners that I created a while back.

Do you know of a good resource where I can find price trends particularly for small multi-family?

Where can I find those cities economic development sites?

Not sure where your property is exactly, but we find MTR rates are 50-100% higher than LTR rates. 

How should I go about trying to find deals out of state?

You should be able to find some good options on here so long as appraisal is sufficient and DSCR min is met 

Only you and your agent can make the decision.If you buy it,  count on finding unexpected problems that require fixing, and make sure you have the cash on hand to cover them. 

What percentages do you value your expertise (finding the deals and managing the property) at?