I'm wondering if, in the state of CA, we can claim depreciation on our condo since, technically, owners of a condo do not actually own any part of the physical building, just the airspace between the walls. 

I would call it a red flag if they resist giving you everything you request for your DD document list quite quickly, their speed and thoroughness in response to that shows their willingness to sell imho.When you schedule your inspection you want all your professionals there at the same time to go through a single time, contractor, inspector, and any specialists you think you might need like roofer, engineer, etc.Also don’t feel pressured to make your DD and inspection time as limited as is common in SFR, give yourself 2-3 months at least, again, from when they deliver the docs you request.Besides financial DD you want to do physical DD not just on the property via inspections but visiting the area during day and night, weekdays and weekends, to ensure you have a feel for everything that’s happening at different times all the way around the block.

So here's a rough number breakdown. purchase $1,500,000Loan Amount 1,300,000Rehab+holding+closing costs $115,000ARV 1,900,000new Loan (20 year, 6.25, 5 year)- $1,560,000Cashout portion- $260,000Cashout- FFFF (friends, family, facebook friends)= 10,000Money in deal = 45,000Rental Side of Things (by month)Current Income- 27,000/m (Proforma is 31,500 since I had to rush rent out)Expenses-  (Utilities, Taxes, 25% Vacancy/Management/CAPEX, insurance, etc)- 12,500/mDebt- 11,400/mNOI- 3100/mSomething like that at leastFor the other questions that may pop up:I self manageI doubled my portfolio in one dealI was my own GC for the projectI still have a full time job in securities tradingI worked 110 weeks for 2 months straightI am burnt outI hit a lot of roadblocks including getting sued, vandalized, robbed, and threatenedI had a lot of physical blackouts and emotional breakdownsMy outlook in general on people is definitely more negative However I am also ready to move onThis post was very much to speak on an experience and tell a story. 

Again, I’m new to all of this but it’s my understanding to qualify for and FHA loan to hack I would have to physically live in that property and wouldn’t that need to be my first home loan?

Is your equity growth based on rents or the physical property? 

Initial - $5000/door minimum and then adjust based on physical inspection.

If I lived somewhere else I would own physical property.

I would suggest buying this book and giving it a read:https://www.biggerpockets.com/store/long-distance-real-estate-investing-physical

Doesn't matter where it is or how you structure it; if you physically live in the building, you won't get anything other than an owner occupied loan on it.Advice is move out. 

In the notes section, it states “Generator and 220 Receptacle” above that it says “ Physical exam.