Your CPA will have the best information as he/she will know your AGI, tax rate and whether or not you qualify to offset the real estate losses with other forms of income.With that said, something seems off with the calculation given.I normally assume 20% to 35% of a purchase price is eligible for bonus depreciation, in your case is around $40,000 to $70,000.the $5,000 tax savings figure would assume that you are in a very low tax bracket.However, this assumes that you are eligible to utilize the losses on your return.Also, you may be better off which a DIY Cost segregation study which would be significantly less.Best of luck.

This puts someone else in the first loss position, and can offer 8-10% annual yields, that are straight up income. 

Do you think there are other strategies that are relatively as feasible as this that are non-occupied - related?

That's $294,000 invested, plus six years of work and stress before they become profitable.I think it may be wiser to unload at a loss, wait for the market to bottom out, then try again with a property that produces positive income from the beginning.

I have to fix the issues with the property before I can put it on the market and recoup my losses and hopefully earn a profit.

No doubt there are recent job losses and interest rates are elevated, but I am not sure what percentage of the population are immediately affected...most just keep on living their lives.  

Passive activity loss (PAL) restrictions are not for bonus depreciation per se, but for an overall loss that is a result of subtracting ALL expenses, including depreciation, from rental income. 

Preferably comparable year over year.I want a good general ledger with all activity for the year.I want a good Profit/Loss (Income Statement) with a good delineation of revenues and expenses broken out into a few categories.

So the due diligence period (aka "option period", aka "feasibility period", aka "investigation period") is usually a lot longer than a typical option period to buy a regular SFR. 

We don't believe there is anything that needs to be done with her lease, so we reply "Noted, sorry about your loss"4) Day 6: dishwasher leaks so much soap duds in the kitchen that it looks like it snowed there.