Of course you could do an engineered cost segregation study to reclassify some of that depreciation to 5, 7 or 15 year asset lives with accelerated treatment.

If you think you will go FHA, Conventional, FHA 203k, etc. and then Quit Claim the property, to a LLC, or a Land Trust you run the risk of the lender discovering a Title Transfer occurred and activating the "Acceleration Clause" or "Due on Sale Clause" that requires the loan to be paid in full, within 'x' number of days.

Plus we would be able to potentially accelerate our investing by me having an additional source of income.

I understand you can do accelerated depreciation to offset the positive cash flow each year.  

And the amount extended can be reduced at an accelerated pace by prepaying (actual the only way a heloc balance will go down)., but unlike PMI will not simply drop off once your equity position reaches 20% through any appreciation.I don't think Pmi is bad at all for the right situation.

this will free up a big chunk of change to accelerate the process, then start again with the next lowest mortgage, using every spare dollar to pay it off. 

You can accelerate your learning by taking action.

I have figured out through the BRRR method and my relationship with my lender I don't need a partner, but would be great to have someone help accelerate the acquiring process. 

So yes depreciation (usually accelerated depreciation), interest on the loan and property taxes would be some of the major ones to offset the distribution income.  

The choices made in this state and city resulted in businesses and people migrating here at accelerated levels.