With an owner-occupied loan, you can buy a house with 0-5% down and get 30-year fixed rate financing so you're not dealing with adjustable rates if rates go back up and not dealing with a balloon payment in 6-24 months which is plenty of time for an experienced investor but not a whole lot if you're new. 

First time investor, looking for cash flow.2.

1) don’t forget, in LA you will have a VERY hard time raising rents more than 9% per year.

Unless you plan to sell one of these in the next 5 years, you'll probably get a better deal if you try to refi both of them at the same time.

Thank you again for taking the time!  

This was the very first time they had rented it; brand new landlords.

Documents off Google never work, as I tried...too many times.

You filed two full year tax cycles and the numbers are similar (no greater variant than 1%) they maybe yes.Generally depreciation is added back as income BUT only the 40% portion you own not all of it.

So knowing your numbers before looking at properties is huge or bring your contractor with you when you look at properties so as to not waste any time!

Without too much detail I had to quit my W2 job 2 years ago to care for my disabled son and my wife is still working.