I told him I am reading books and going on forums about the subject.

I’m planning on following the steps you outlined above.

The Pub refers to the "true" depreciation recapture, i.e. depreciation taken over the straight-line method which does not exist anymore except for very old properties.What we casually call "depreciation recapture" is properly called "unrecaptured Sec 1250 gain" which is straight-line and not subject to that rule.

i think your question should be.....best way to "Control" a property......there will be a lot of bankruptcies etc....people looking to get out of their house immediately......which equates to perfect time for subject to....lease option etc......all kinds of creative ways to purchase or control a property

However, I am 100% pushing my teenage children to attend college and focus on subject related to RE and Finance, and after I will if necessary guide them accordingly. 

We had to do a 5/1 ARM mortgage, where our interest rate was locked in for the first 5 years at a pretty good rate, but would be subject to change in 2021, potentially severely spiking up the rate. 

I am looking into purchasing a property with the subject to strategy, but I dont know a RE attorney who knows about Subject to in the Lehigh Valley area.

If you going to create a pro forma for the subject and cap out the income, I would base the leagal and professional/ leasing on the history of the property.

Also, does that mean if there is renters in it, I subject them to my terms to b their landlord?

Even with low equity houses there can be other ways too acquire or assign the property, like sandwich lease options or subject to/wrap mortgage.