If it is to be used as "residential" real estate then the life over which you depreciate it is 27.5 years. 

I could see lots of folks with limited equity and no flood insurance on their house walking away from the mortgage before spending the tens of thousands of dollars to fix flood damage.

I enforce my tenants purchase renter insurance.

The move is in an effort to accelerate our ability to save capital (see Set for Life by Scott Trench) as we will be living with my parents rent free (we are currently renting for $2,000/mo in Orange).

This provides me with real life investor relationship experience and a success track record.. check-I started what is now a worldwide podcast interviewing successful real estate investor and entrepreneurs.. this shortened the learning curve and provided me with insights from the best minds in the game.. check.

Investopedia is on the right track saying that the rule is supposed to ensure it covers your mortgage, but it's much more than just the mortgage, it's the insurance, taxes, maintenance, etc costs that are in addition to your mortgage.

Then it seems it would be worth it, with the added property tax and Insurance cost ( possibly $175 / month) for a total of $652 cost.

If it is the latter, feel free to message you and I will be happy to pass on advice given to me that has been helpful in my life.

I was able to fill each space with photographers, hair salon, insurance agent, recording studio, background check company, cpa, medical massage and a 3000 sq ft floor to a non-profit dance studio.I often bring the group together for happy hours on my dime, networking meetings etc.  

I have about ~40K equity in the rental and owe about $157K on the loan, but the monthly rental income only covers the mortgage payment + insurance + taxes + an additional $75 a month, which I put aside for repairs and anything that may come up.