Unless there is a reason to submit your tax returns, you could go w2-only. 

Right now, the best offers around me are for some 1.3-4 million, that only generated around 100k per year gross, so there would be a high chance of not cash flowing, and paying money, especially with a commercial loan (these buildings have more than 4 units).I was thinking that although the rental itself does not generate money, I would be able to deduct the mortgage interest, and depreciation from my personal w2 income and would be net positive.

I have found 1st lien mortgages to be very profitable.

In fact, just finished one that I have yet to put on the market. 

And you are looking at an interest rate around 7% instead of over 10%. 

I'll answer as best as I can.First, the word "turnkey" does not have a meaning.  

(As AZ and your current state will fight over who gets to tax your gains with the federal government.)I have to throw most of the shade on your horrible tax guy/cpa who didn’t tell you renting it out was a $50-$100k mistake. 

If these houses have stable long-term tenants, I share your concern.

Yes, @Dave Van Horn is a great guy with an excellent track record and a stellar reputation.

To be brutally honest i don't care if it's at cost, below or above, I only care what it is exactly and how much.