Depreciation - assuming the entire 1.5M is depreciated over 27.5 years means ~4500$/month that I can deduct from my income for federal tax purposes - so would need to multiply by my federal tax % to get an actual $ saved value (im a little hazy on these things, so please correct me if im wrong). doing so doesnt make this a cash-flowing deal with a mortgage, and still wont crack 5% ROI if i buy in cash.finally, here's a link to the biggerpockets calculator for this - https://www.biggerpockets.com/buy_and_hold_results...So, is this a very unattractive deal or am I missing something here?

I recently used Harvesters Federal Credit Union on a land purchase loan and they were quite helpful.

For federal income tax reporting this means the SMLLC is dissolved and there's no distinction between the SMLLC's assets/income and the owner's assets/income.The tax treatment of you holding the property directly vs through a SMLLC taxed as a disregarded entity will be 100% the same. 

So does that mean I only pay rental income tax in California/Federal tax? 

@Farhad Rahmani Section 8 is Federal so it should be the Rules and Regulations should be the same everywhere in the U.S. 

Another downside is you loose on the advantages, of the Federal Tax Code, by not closing in the name of a LLC.

I haven't invested in any properties outside of CA but I am looking at states with no income tax such as Texas and nevada. 1. no income tax means I pay tax for only CA state tax and federal tax.

The GAO is not a court....It is a federal administrative agency.

But for federal 1031 purposes if there's three then there's got to be at least two different tax payers. 

Federal Reserve Economic data generally show trends...Washington still looks like stable market...