One must accept the fact that there will be mistakes, there will be cost paid, but in the long run, as long as one doesn't quit, and try to improve on the process every day, one will get better. 

The water bills are a big cost to me.

If you're going to flip, it could work, but you would need to analyze the properly for that approach -- which would included getting detailed and accurate estimate on repair costs. 

It also is worth approximately $140k more than my property is currently worth.My question: when evaluating renovations, is the math as simple as (Additional rent expected per month due to renovation * 12 months/yr)/total cost of renovation = ROI.

Age of construction may not be a huge issue if it has good bones and can benefit from a fairly cost efficient "In & Out" remodel.What is stopping you down payment?

If they were the right land/building ratio and made sense to do a cost seg/bonus depreciation, could I potentially offset my entire W2 salary?

Partner Driven financed the N Deerview Dr deal using its own capital, covering the $268,750 purchase price and $60,000 in renovation costs.

Rates will be more volatile and going into a cycle of rate easing by the FED's these rates are set to drop soon which could cost you in interest earnings. 

At a minimum, if you want to shelter W2 income you need to know the IRS rules regarding passive activity losses and the exceptions, and also about the largest tax sheltering deduction, which is cost segregation and bonus depreciation.

He even mentioned a term "sellers concessions" that I guess has something to do with the seller helping out with the closing costs.