. :) Cash flow very possible with bonus appreciation.

Real Estate friendly contractors are a bonus !

The syndicator hires a cpa that takes care of doing that paperwork and just furnishes you with the document, which outlines your portion of the tax benefits from depreciation etc based on your percentage of ownership in the deal.Someone who invests $10K owns less of the deal than someone who invests $100K, so the person who invests $100K is going to get a bigger write-off...it's all relative based on your ownership percentage.The amount of depreciation will depend whether they are doing a cost segregation analysis for the deal you are investing in (which most do) because a cost segregation analysis speeds up the depreciation - rather than depreciating everything over 27.5 years, some things can be depreciated over 5 years, 7 years, 10 years etc, which means bigger write-offs sooner.Additionally with bonus depreciation still in play at 100% this year, the write-offs in year 1 are the biggest by far.

Bonus question - whats the best way to find good wholesalers (3/4plex type), or best way to get BRRRR property dealflow outside Zillow?

But only do this if you are feeling generous because it gives you NO rights in the property whatsoever, including no right to be paid back. 

Here are some of the key changes that occurred as a result of the CARES Act and my comments and/or strategies for how to take advantage of these strategies.BONUS DEPRECIATIONPrior to the CARES Act: 100% Bonus depreciation if in service after September 2017.After the CARES Act: 100% Bonus Depreciation with a new 5 year carryback optionComments/Strategies: Review all section 179 and 179D energy tax deduction and cost segregation opportunities to generate possible refunds and an NOL gives they can be carried back.QUALIFIED IMPROVEMENT PROPERTY (QIP)Prior to the CARES Act: Not eligible for bonus depreciation or accelerated depreciation.After the CARES Act: QIP property now is depreciated over 15 years which allows improvements to be expensed immediately since they are now eligible for 100% bonus depreciation.Comments/Strategies: Since it's retroactive, CPAs and taxpayers must determine the best option to go back and claim this.

Bonus points for knowledge on permitting/marketing.

Professional Real Estate professional status is not that easy to get if you have a full time job doing something else.The main benefit is that it allows you to deduct passive losses against passive income from the way I understand it.So if you have a bunch of rental properties lets say generating a lot of passive income and you want to offset that let's say with a large bonus depreciation passive loss, it may help you.I am full time broker and investor and spoke with my CPA about it the other day and not sure I had the right mix of income and losses to help me much. 

This is why I say cash flow is not the norm (but should still be your goal).I personally look at appreciation as a bonus and don't bank on it when making investment decisions. 

I agree with @Nathan G. although I am twice as generous and give 48 hours to pay.