On a rental the schedule is 27.5 years with a mid-month convention, so the month it became a rental is important that's when the depreciation starts, not the whole year.

You can get a conventional mortgage generally for 5% down.

Since you are looking at investment properties and not personal, you are working in a more conventional environment.

I am considering both conventional financing and portfolio loan options.

@Katie Lepore I plan on taking title to it and then after living in it for a year, refinancing to a more conventional and then contributing it to the LLC. 

Assuming the numbers on the deal are solid you can get a loan through a commercial/portfolio lender.They loan to LLC's unlike the Fannie/Freddie conventional programs.

But, outside of having potentially lower closing costs, think about if it is worth it when compared to getting convention financing for 10 properties.

One of my conventional loans, actually my primary residence, originated by @Upen Patel was sold to Caliber (or someone who they service for) a few months after closing...

Or if it is possible would it be more beneficial, assuming the numbers work, to refi into a conventional loan?

It's a nice property and my guess it would sell within a week, maybe 2 (very low inventory in district)Although we bought in Sept. we completed it in January. then had more important things to tend to over the past few months.