It gives you a ton of experience on: dealing with tenants, writing leases, maintenance items, etc - all from your backyard. 

My plan is to build along the same type of home, but of course with some of my design inputs.I want to get a really solid foundation before any actual building happens and I would truly appreciate any advice that anyone has to offer of some preliminary items I should know and take care of beforehand.

Lots of networking opportunities and action items.

.- Cost segregation has limited benefits: While cost segregation can still be used to separate personal property items like furniture and fixtures, ADS rules apply.

An example was a line item for alimony (I am single and have never been married).

Make sure to go through their estimates carefully as they may include some items that are not needed (e.g.: they added cost to board up fireplace but the house doesn't have one)- Make sure to verify if all the work is complete as agreed.

Major items include converting an office space to a full bath and walk in closet, existing bathroom renovation, new deck, add a new driveway and car port, kitchen renovation, new flooring, new windows and doors, paint, replace siding, replace roof and add some curb appeal.

A basic rule I tell Colorado STR buyers is that you can go cheaper on lesser used items but not the big stuff. 

Raising rents on existing tenants while maintaining good relationships with them and fixing deferred maintenance items.

There are several other items I have to comment on, but the rent/cap rate is the biggest issue, I believe.Thank you!