Although it is usually to the investor's benefit to do a cost segregation study the first year of owership, properties that have been owned for longer than one year can also take advantage of the tax benefits and cash flow available with cost segregation.The amount of depreciation can vary between 25% to 50% of what you paid for the property mimus land with the 100% Bonus Depreciation. 

I'd add that because wholesale deals are more likely to be atypical in some way (for example, they wouldn't pass a normal inspection, or are in worse condition than normal properties, and sometimes close faster than normal), some wholesalers or real estate agents that work with wholesalers will try to throw in additional junk fees to take advantage of the buyers lack of experience.

For landlords expanding their rental portfolios, have you compared DSCR-based financing versus conventional loans lately?
DSCR seems to be growing in popularity due to flexibility and less paperwork — but I’d love to...

I’d connect with a lender to get pre-approved, a local real estate agent to find a good deal, and a maybe CPA to make sure you're taking advantage of the tax opportunities and get set up correctly for future growth.

The key is what relationships do you have and how do you operate your business to give you some type of competitive advantage?

I actually know of several new builds in Birmingham that come with strong builder incentives - move in ready, tenant ready, so you can start cash flow almost immediately.This approach lets you:Leverage your construction knowledge if you want to do minor improvementsAvoid the headaches of rehabbing older propertiesTake advantage of incentives like closing cost assistance, builder warranties, or discounted upgradesFor your first deal, I’d suggest:Narrowing down 1–2 neighborhoods with strong rental demandRunning the numbers on cash flow, vacancy, and property managementWorking with a turnkey property source company to help vet propsAlways happy to chat more about what has worked for other investors.

Are you mainly looking at REP for the tax advantages, or more as a way to justify going full-time into real estate?

I am fortunate that I didn't get taken advantage of. 

Don't take advantage; just collect what's genuinely fair to cover your costs.2.

Kowal: Quote from @Alan Asriants: Owning real estate comes with many tax advantages and is a big reason some investors diversify into property.