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. 

With pass through entities, there are no tax benefits, so there's that.

There’s no tax benefit to putting the property into an LLC—it’s primarily for legal protection.

Michigan is still enjoying its tax money on Marijuana currently but I can clearly see an overabundance of these types of stores which cannot possibly all survive.

My tenants appear to be respecting the smoking outside policy but I do occasionally smell signs that they’re smoking their marijuana inside.

Who is this benefiting?

That must be very frustrating.However, before asking whether you can do a cost segregation study, I’d first make sure it would actually benefit you if you did.

@Nicole Reinarz Stover If you keep it as a relative homestead, you’ll get the lower property taxes from the homestead exemption and still be able to deduct mortgage interest, but you won’t get rental property tax benefits like depreciation or being able to write off operating costs against rental income.

This is not tax or legal advice, this is just my own quick and dirty calculation when buying for personal real estate for tax benefits.

I absolutely believe there is a benefit to Wyoming LLCs, however the benefits are grossly overstated and cost greatly understated.