also, you are correct about the $4500 upfront cost.

The arv will be around $1,050,000 on the extremely low end.

It’s also prudent to review and update your properties' safety measures, such as installing fire alarms and security systems, as these can sometimes help reduce insurance costs.

Or are holes after move-out just part of the cost of doing business?

My first question is that can I do a cost seg next year, when she qualifies for REPS (as she doesn’t qualify now), and use that depreciation for my W2 income in the second year of us renting the property?

Buying an existing place that needs upgrading might be more sensible but it will still cost a lot of dough.Plus the purchase of the catamaran.

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There are initial and annual costs involved, and you have to sign up with a brokerage. 

It is fairly low-cost and efficient (you can always scale your entities as you grow; there is no need for an ultracomplex structure at the outset), but it is essential to ensure that entities are appropriately maintained. 

That is basically gifting you money. 10% down is also way too low to make it attractive for a seller to finance you.