Additionally, since the current economic problems cause by COVID-19 are expected to produce lower income in 2020 than in 2019, the law provides that a taxpayer can elect to use the 2019 Adjusted Taxable Income in place of 2020.BONUS DEPRECIATION FOR QUALIFIED IMPROVEMENT PROPERTY (QIP)The CARES Act cures a legislative error under the TCJA and provides that the costs for Qualified Improvement Property are eligible for bonus depreciation.

Have/has the new & improved ARV tool hit the market or are realtors the best source for most recent COMPS? 

I don't mean to be a negative nelly, but I would recommend improving your credit and getting more money before you invest. 

If you end up with a $3700 rent payment, that doesn't actually improve your situation much.Refi your current home and drop another $100k on the balance to lower your payments and DTI.If you get a commercial loan, the lender will be more interested in the property performance (specifically, DSCR) than your personal DTI.Depending on the deal, offer a larger down payment, then look to open a LOC to access that additional equity, if needed.A partner could definitely make things easier in a case like this.

Typically, they lend on properties that need improvement and will then be either sold or refinanced within 1 year.

The type of investing he supports in long term investing to secure your retirement...NOT to improve your current wealth.

I did use it for a rental for a while, as the market improved.

Eventually through all the improvements the all in budget was 240k, which was still great.

Here's what he's referencing is my guess: In the TCJA lease hold improvement property was incorrectly written in as 39 year...when really it's 15. 

Are you providing a Tenant Improvement (TI) allowance to the tenant?