Does anyone have any good studying material for this exam or have any insight on what I should focus on?

And the study

Study the market.

I know a cost segregation study would be too expensive for such a small amount of property, but is it permissible for me to estimate the value of the components on my own?

These are the boxes with the deployable wings that can be fixed into drywall, rather than needing to be nailed into a stud. I

There's other items such as this where it may be helpful to talk to a CPA/EA for a little tax planning, especially since you'll likely get caught up in the passive activity loss limitations if taking bonus on a single rental property as I often see.It's also useful to mention that even if you do the cost seg study (I'm assuming you're doing one to be talking about this), you'll still benefit from accelerated depreciation in the form of shorter useful lives on the assets where you received bonus from.

What is your ROI and the amount paid for a cost seg study?

Since rental losses are typically passive, the best way to offset W-2 income is through Real Estate Professional Status (REPS) (750+ hours) or Short-Term Rentals (STRs) (100+ hours and more time than anyone else managing the property), which allow real estate losses, including depreciation, to offset active income.A cost segregation study accelerates depreciation, generating large upfront deductions.

Or, ya know, just spend the next 140 hours trying to get a self-study law education followed by another few hundred hours self-study to sort out how to avoid repeating the situation.That's the reality of it all. 

Here’s my honest advise; consider studying for and obtaining your real estate sales license, and obtain a part time position with a real estate agency that will provide training, guidance, and oversight.