They have the bonus of being able to provide both air conditioning and heat.I'd go mini splits, but get estimates for a few options.

I have heard through a friend that I can offset my capital gains from my current SFR using depreciation or something called bonus depreciation.

This is the last year (2022) for the 100% bonus depreciation tax benefit introduced under the Tax Cuts and Jobs Act (TCJA) of 2017. 

If the numbers work there, appreciation is just a bonus for me.

The second thing I want to tell you is I'm going to give you a bonus, (he takes out his checkbook, and writes this check out) "and I don't want you to look at it until you sit down to car and drive away, deal?"

If you put in any new tenant improvements most of that would qualify for 5, 7 or 15 year treatment as well as 50% bonus depreciation. 

70% rule is so 2009   not relevant in todays market place in any market that has intense competition. there simply is not enough houses to feed all those that are taking class's on how to wholesale  read BP and want to wholesale and or how ever they decide they want to wholesale.. its dog eat dog out there.I find also if your competing against those that do a lot of their own work.. some of my best borrowers were contractors themselves.. if they could buy a property get their normal profit for all the work they did to the house plus a bonus.. great deal for them.. virtually impossible for investor to compete.. only thing that keeps investors in the game is so many contractors simply cant do deals for a number of reasons.. but the ones that are sharp they are killing it.

LASTLY BONUS ADVICE: Add them to your life insurance policy for the life of the project for the dollar amount that they have invested.

A bonus if they can also do some "handyman" work.  

I should have no trouble getting pre-approved after I join the guard since I will have money saved up from Basic and AIT as well as my $20K enlistment bonus that I have been offered by the Guard, I will be in a very good position financially.