@erictt I'll try to respond again. Yes in that context I referred to the "new basis after the deferment by "adjusted basis" which I understand was a poor choice of words.
Regarding splitting up the improved portion of the property's value, yes I typically split this up to the structure, landscaping improvements, appliances, carpet, etc. and typically for items less than a certain amount you can take the entire depreciation as a one time deduction that year, and that of course depends on your own financial situation and strategy.
Regarding using the "new cost basis" from 8824 for the replacement properties yes that does appear to be consistent with the instructions and Pub 527, but I still want to double check with an expert to see if there is any alternate strategy as I hate to reduce the depreciation on the new properties by such a huge amount. I had thought this only came into play later when you sold and used it to calculate your gain at that point which yes would continue to grow as you recapture all that depreciation, but as long as you are moving up and the numbers make sense I don't see the harm.
