Examples:5-yr property: carpets, appliances, shelving7-yr property: furniture, fixtures, equipment15-yr property: fencing, driveways, landscapingThose things ARE eligible for bonus depreciation. 

At the same time not too low that I am totally screwed if that is the minimum that gets bid.Here is the rental listing:https://www.zillow.com/homes/for_rent/30-Carter-Av...Here is the BP listing:https://www.biggerpockets.com/forums/517/topics/544758-cash-flowing-turnkey-3-15-sf-in-dayton-ohioIts a fresh building and new tenants agreeing on three year lease at $820, plus, plus.

I find that this can be a little subjective depending on what criteria you follow such as the 2% rule for example (so far, no multi family properties pass that rule but then again, markets are high right now).

My experience has been, these "First Time" or "Income Restricted" Loan offerings by various State and Local Agencies are all done through a Typical Lending Company (Mortgage Banker / Mortgage Lender) that has qualified with the Agency(s) offering the program.For Example, if you met the criteria for a "Texas Vet Loan", and were qualified for the program, all the processing and workup of the Loan package will be completed by Blank (Generic) Mortgage Company.

For example, many new investors forget or underestimate vacancy, maintenance and cap ex.

For example, there are some administrative legal fees I paid early on (notably: Having a lawyer draft up the PSA, and setting up my LLC which holds the title).If I ever get audited, what will the be looking for?

Especially when they are all new fresh pure and motivated.

your example explained very well! 

They might require a note...but maybe not...if they do, then you can just google "mortgage note examples" and use any that you feel comfortable with. 

Be sure to write notes in your car when you leave and everything is fresh.