I appreciate the response.I do have a couple of follow up questions.One of the big concerns is the high property taxes.

Assuming your prediction of increasing values is true, that will also increase your property taxes. 

I am new to tax surplus and I want to know how legal is it charge 30-35 % finder fee especially when the "state" puts a limit on unclaimed property of 10%.

(Obviously your primary would not be eligible for a 1031 but would be 100% tax free.) if you owned it less than a year you’d owe regular taxes and I’d suggest holding on for a year if possible. 

Also, it will also apportion the profit/losses via the K-1 distributed to each of you come tax time.Good luck.

My CPA had a letter in my tax prep documents that says that those with W-2 income can't deduct business mileage anymore.This is the first I had heard of this.

Reno is a booming city with tons of tax incentives being offered to businesses and of course the tax free status offer to owner-occupants.

Taxes are never the right reason to make good financial decisions.2.  

-319,000 listed -40,000 rehab -450,000 to 470,000 ARV-2,500 rent - 4525 tax- above 800 credit score 

I am self-filing my taxes through TurboTax (extension in Texas due to ice storm) yet I can't seem to locate where or how I would apply the cost segregation numbers to maximize the tax advantages.