Anything over that amount you could split between the units and bill back. 

Many states have a limitation on 179 that is different from the Feds.Some have really painful rules on dealing with that bonus depreciation addbacks.You still benefit from the cost segregation study without the bonus depreciation - say your cost segregation study broke out $100k of 5 year property - now instead of spreading that out over 27.5 / 39 years, you get to take it over 5 years for your local state.You still get the bonus depreciation amount on your Federal return, regardless of what the state does.

The investor Cash on Cash yield is projected to be 5.9% in Yr 1, 7.1% Yr 2, 8.06% Yr 3, and 9.89% Yr 4.

Pay cash for the property and the rehab, then do cash out refi. 

Keep in mind renovation costs will need to be cash aside from your down payment and closing costs - I'd create a healthy buffer here.

South Florida is amazing for appreciation but I know in most areas especially Palm Beach, you will see little to no cash flow.

Purchase price: $146,000 Cash invested: $42,100 Bought through hard money.

The seller was trying to pay a large amount of taxes and had had not really stayed on top of his manager so I asked for the free six weeks to bring it up to full swing.

If people want to live off cash, that's fine.

When you turn a personal residence into a rental, you want to make sure you calculate your basis properly.Your basis will be purchase price + improvements made to the house since time of purchase(Assuming the FMV at time of conversion is atleast this amount).Best of luck!