Real estate depreciation

[Pavan Kumar]

Hi all

Just starting out in my real estate investing journey and have some questions.Appreciate your input.
Let's say, we put down 200k and borrow 800k to buy a 1 million house. We hold it in an LLC. Let's assume $5000 per month rent covers the mortgage, property taxes, association fees and home insurance.

1. Can we get a mortgage loan based only on the rental income without a need for our personal guarantee or personal financial documents?

2. The depreciation amount on 1 million property (assuming land value is not much) is 35k per year? Will this offset one of our W2 income dollar by dollar, if the other spouse is a property manager or a real estate professional? Thanks