Yes you can do a cost segregation and offset your w2 income assuming that the newly constructed home is placed into service as a short term rental and you meet the requirements for participation 

Hi Anna,For single-family homes, you might want to look into lenders who specialize in both new construction and existing homes. 

For newly constructed, purchased or renovated properties and also retroactive generally over the last 10 years, building components are properly classified into individual units of property and accurate recovery periods for computing depreciation deductions.

If the agent is suggesting to put it in writing it might be because he can now nudge the seller into accepting a lower than previous offer since the house has been on the market for a long time with no other potential buyers. 

You could end up paying holding costs like loan interest, property taxes, and maintenance for longer than expected, which can eat into your profits.Then there's the issue of selling for less than you expected.

I would also consult with a certified cost segregation specialist in terms of classifying other assets into their appropriate class lives.

I would not suggest you get into construction unless that is your background.

I am getting into wholesaling and have some questions.

I'm living and doing my research for the past 7 months for the Madrid market (and the area around it) - will be great do discuss with some members here and share our experience, toughs, etc.It will also be great to discuss the current market situation and share the news - do you think it is still a good time to get into the market?

@Ted Akers  yes for instance this would not work well in WA with the excise tax of 1.78% or there about on title transfers.this was a low end deal in GA so it was a normal wholesaler approach I think the guy made 10k on the deal we made a few bucks and they absorbed the one closing costs and transfer tax which was probably nominal I would have to look at the hud.I can see this working in states were double escrows are not allowed any more... or if a wholesaler wanted to put to bed the thought that they are selling re without a license.. you know the wild wild west out there in that industry were basically anything goes   until it does not  LOL.I am NMLS mortgage banker sitting in the bullpen.. my license is on ICE but I do the CE.. just don't want to have to take the test again incase I want to jump back into doing HML.. so for right now taking title is a clear path.. no securities issues no licensing issues.. etc etc.. and 100% control. the only way I will do this these days.. but then again my clients are well known to me for more than a decade most of them and they are high volume flippers etc... so we have a lot going on...