Several have mentioned utilizing low down payment second home loans for qualifying.

This not only defers the taxes on the two rental properties but then once they live in the primary residence for at least 2 years that home now qualifies for the Section 121 exclusion on the gain.

I'm looking at investing in several out-of-state markets (potential BRRRR strategy in mind), I have a list of qualifiers that I'm sussing out to determine viable markets but would love to know: what data helps in determining a good market to invest?

Instead, keep the property in your name or transfer it to an LLC for liability protection.Since you’ve lived in the home for at least 2 of the last 5 years, selling now could qualify for a capital gains exclusion of up to $500K (MFJ) or $250K (single).

back of the napkin or formal agreements?

I highly recommend a well-qualified REALTOR who works with investors and knows how to help you best.7.

This would probably allow me to qualify for the FHA loan if this is true since the giant loss is throwing off my DTI. 

Purchasing subject to allows you to (1) buy a property and pay a lower rate (3-4%) that was in existence when the loan was originated, so cash flow will be better as well as equity buildup; (2) not have to qualify for the mortgage saving time, expense, and allowing property purchases in greater number than otherwise and (3) no personal liability on downside (4) no debt added to your PFS.  

I highly recommend a well-qualified REALTOR who works with investors and knows how to help you best.7.

When it comes to real estate, here's a general list of eligible assets and their depreciable lifespans that you should know: Residential Rental Property = 27.5 yearsThis includes any building or structure where 80% or more of its gross rental income is from residential units.That means:- Apartment buildings- Single-family rental homes- Duplexes, triplexes, and quadplexes- Mobile homes (used for residential rental)- Any kind of residential lodging facility where the primary purpose is long-term rentalCommercial Property = 39 yearsThis includes non-residential properties like:-Office buildings-Retail stores and shopping centers-Warehouses-Industrial complexes-Hotels and motels that do not qualify as residential rental propertyLand Improvements = 15 yearsThese include sidewalks, roads, fencing, some landscaping, and parking lots that are separate from the building.Personal Property = 5 or 7 yearsPersonal property used in a rental activity usually has a 5 or 7-year life.This includes most furniture, appliances, carpeting and various machinery.Qualified Improvement Property (QIP) = 15 yearsGenerally, this includes any improvements made to the interior of a non-residential building after the building was placed in service, excluding elevators, enlargements, and the internal structural framework.Computers and Related Peripheral Equipment = 5 yearsVehicles = 5 yearsNote that the land itself is not depreciable.