When I talk with the investors I work with That have used this plan they find if they are buying right in a good appreciating market with conventional financing they are able to drop the PMI after the first year.  

For one, if you have any properties with conventional loans on them, this makes things much more complicated and severely limits your ability to limit your liabilities.

Conventional is still the gold standard, but DSCRs are a close second for good deals. 

So, because of this a lot of the "affordable" condos you will see in DFW have financial issues and you cannot get a mortgage loan on them, and have to pay cash. or, maybe get some sort of non conventional financing that is much more expensive requiring 25%+ down. 

Conventional is a great option in those scenarios

Our current mortgage is a 30 year conventional locked in at 2.75% and the monthly payment is roughly $1900 ($950/person). 

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If it will qualify for conventional, you would be just below the 75% LTV threshold.

For other depreciation: When placing a property in service late in the year, depreciation is prorated based on the mid-month convention for residential rentals.

Therefore, I have a hard time committing to a house hack which contributes greatly to my problem of raising capital for a conventional mortgage with a 20%+ down payment instead of alternatives such as an FHA.