You CANNOT depreciate the house if it’s for personal use, ONLY if it’s a rental use.So I can still depreciate the house, write off items I buy to furnish the home, maintain the home, and any costs associated with running it as an AirBnB when I am not using it for personal use?  

Some strategies are much easier than others, and it is much safer to start with these (househacking, buy and hold single families, etc..).

Would it be possible to buy the house as a primary and then in year two claim bonus depreciation if I moved out and had it as a rent by room house?

If you could provide more information about the contract it may open up more ideas.I would agree with @Zane Cress that a tenant buy-out would be a good option, although if you are dealing with 5-6 properties (And how ever many units per property) you're looking at an extremely high cost.

Nick, are you referring to a HELOC on your primary home then using it to buy an investment property?

Hey @Yoel Peyamipour - I'm a broker and investor in NYC and come across deals in the Bronx often, but don't have anyone buying there actively. 

I’ve done everything they have asked of me in the deal genie to put a deal together and let me just tell you, THEY DONT BUY THE DEAL!

When you are buying deals, always focus on our exit strategy.

With 15% in my market you are looking at you could probably buy two properties off the bat and they should cashflow you conservatively 2k a month, could be up to 3k.

@Roy Oliphant, was it property you already purchased at auction, or one you wanted to buy from state?