Any insight would be greatly appreciated!

The property will be available to view early next week (after the holiday weekend) for estimates for the job.If you know of any solid, reliable general contractors who work on rental investment properties . . . your recommendation would be greatly appreciated!

I may be new to investing but I'm an expert when it comes to the area and surrounding markets (indeed I've had a front row seat to the growth in Florida).

It would be greatly appreciated. 

It's the easiest way to try being a landlord without dealing with tricky renovation projects.

What are the reasons given for being afraid of it?

CA OR NV AZ WA etc.also this being an investment property I think a work out with the lender is whats in order.

When I purchased it, we were only estimating the ARV would be $230,000.

I would be interested to see where you are in the process 6 months after you posted your question. 

It allows a substantial portion of the asset's cost to be deducted in the first year of service.In 2023, the bonus depreciation rate is 80%.In 2024, it decreases to 60%.In 2025, the rate further reduces to 40%.COST SEGREGATION:Cost segregation involves dividing a property into its individual components for tax purposes.Some parts age faster, like carpets or paint.Your CPA can use this info to more accurately depreciate elements of your property leading to potential tax savings.BASIS:Your basis is the initial price that you paid for your property, including any expenses or improvements.Knowing your basis is crucial for tax purposes, as it's used to evaluate depreciation & determine the capital gains or losses if/when your property sells.LAND VALUE:This is how much your land is worth without any buildings or improvements.Land doesn't get old like buildings, so you can't depreciate it.