Once the 5 years runs out you'll have used up your existing available depreciation but you still get to write off other expenses such as maintenance, property management, legal fees, etc.

I live far away from this house, thinking about getting a property manager.

Do you self manage?

The Lead investor is the one finding the property, setting up management, raising money, managing repairs and upgrades, dealing with insurance, making distributions to investors and completing all the tax documents for the investors. 

So, in this way I manage the portfolio has a business instead of managing each property as its own separate business.

To avoid escrow delays and tenant upset, I decided to stick with the prior management company.  

I will need to self manage through VRBO/Airbnb in order to help classify the income as active income so that I might be able to right off the accelerated depreciation against W-2 income.- I have about 150K available for a down payment, any suggestions on the type of property to target (cabin, condo) if the goal is to be around cash flow even?

We manage a tons of properties and 40-50% expenses (not including debt) is very common.

Are there any good resources or websites where I can learn more about these laws.I'm eager to ensure a smooth transition for the tenants and to manage this property responsibly.

I am currently evaluating a multi-family investment opportunity in Anaheim, CAIs there a local commercial broker or property manager who could tell me what the market cap rate is for C class multifamily buildings 10 to 20 units in that area?