You cannot arbitrarily assign more basis to one of the properties because it's more beneficial for your taxes.You can do a 1031 exchange after cost segregation, but it creates some complications under the current tax law.

Can you recommend and literature or websites that would be beneficial?

I have some ideas that may be beneficial to you depending your goals for the next purchase. 

We have access to a $250,000 HELOC and $65,000 cash on hand we are willing to invest.I have owned two residential rentals in the past and have managed them both myself, I am at a point in my life where I do not want to do that again.Our first deal together will be her first deal.We have both been studying real estate investing all year long and plan on pushing for our first deal as of January next year so our finances will be aligned.I am leaning more towards a quad plex minimum or to even attempt to push into commercial size rentals instead or even try and find a small strip mall since I've read multiple places that commercial is a lot more beneficial and it's easier to manage businesses rather than tenants (but with the right property management I suppose neither of those points matter)She would rather start smaller, still multifamily but a duplex or triplex max due to simplicity and to get our feet wet first.

I currently use Liberty Mutual for my home.

With Real Estate Investment, there's a lot of information...too much information to express entirely in this form of communication.There's a Webinar this Friday that would be highly beneficial for newbie investors to attend.Don't hesitate to reach out with your questions.

It does not mention whether having an IC relationship with a brokerage is beneficial or detrimental.So, what are the thoughts on this.

Maybe we can create a mutually beneficial relationship.

I believe years ago there was a chattels website where you could break out faster depreciation items to increase your early year tax advantages and do it in a low cost manner to make it beneficial.

Jose from K&C Electric & Security - Electrical ContractorMichael - Liberty Mutual - InsuranceIsrael Paint - Great local Benjamin & Moore paint & supplies store