You can, but you will only have 1/3 of the total cost segregation benefits, and only for one year.Read this: https://www.biggerpockets.com/forums/51/topics/1122635-the-s... 

My main concern is the limited cash I have available for the down payment and renovation costs.

I built the cost into the management fee of my next acquisition that I currently have under contract.

Plus, when done correctly, you as the KP can capture the ALL the Fed investment Tax Credits (ITC) plus the  State, MARCS, and Cost Seg Depreciation to massively offset your High W2 / 1099 Income - I wrote a book specifically for people like you and your wife to address your concerns. 

I found the renovations to be cost more and the ARV to be less (the agent or wholesaler will sometimes give you a higher ARV). 7) Get a full inspection and sewer line scope. 8) Have lots of cash reserves. 

I did my closing just 45 days ago and also paid additional to bring the interest down, doing another loan means closing costs again.

It's an easier, less costly way for Homeowners to use their equity -- not just borrow against it.My experience: real estate law, finance and development. 

High construction costs and interest rates?  

We pretty much all use "the lesser of" Cost or ARV (As Reparied Value) as the value we use for lending.

Please include:When and how is rent to be paidWhen and how are utilities going to be paid (if any)When and how is the cleaning going to be (if shared or provided)What are the costs associated with damages / breaking stuff / calling a technicianWhat are the costs of breaking the lease, finding a replacement if you are doing short term leases on the roomsIf they lost their keys or check bounces what is the charge for it, how the cleaning of the common areas is going to work, and enforcing quiet hours.