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. 

This deal showcased our effective renovation strategy and commitment to delivering profitable outcomes.

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?

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.

A few of the crowdfunding sites have proven to be quite effective and efficient. 

This deal showcased our effective renovation strategy and commitment to delivering profitable outcomes.

I'm not sure what else to do, but we have a month before the new tenant moves in and we'd like to get something done that is cost effective (not tearing out the ceiling again :).

Selling costs will consume about 50%.  

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