Depreciation is a non-cash expense so it will allow you to cash-flow but show little to no income on your tax return.

I’ve gone both the turnkey route and non turnkey route, both out of state.

A "conforming, conventional" loan is a loan type governed by Fannie Mae and Freddie Mac (if you recognize those names) and the terms will be the same at each bank...since it's Fannie/Freddie money. 

Plus you'd have to live in it for a while as primary before converting it to non owner occupied. 

.), then I can see markets declining, but the larger markets (LA, SD, Bay Area) are also getting foreign money and investors that are parking cash from their corrupt governments. 

You download a report in an easy spreadsheet with owner name, address, and all property detail. step 3 - scrub your list to remove duplicate owners, government agencies, anything out of ordinarystep 4 - "mail merge" list into your ready to go offer letter to purchase.

The above will get you within a few bucks a month.PMI, which comes with conventional non-FHA mortgages, can vary by lender. 

I would suggest looking at East LA (zip code 90063), its in a non-incorporated area of LA, meaning no rent control, and its a bit easier to find housing.

If I am reading them right (I have the PDF's);Non-Owner OccupiedOrdinance 14-17: $100 per unit annually for units 1 & 2, $50 for unit 3 $100 per unit annually for all unit >4 (not sure if you save $50 on 3rd unit)Reading this ordinance carefully, unit 4 may not actually be coveredOwner OccupiedOrdinance 15-17:   $100 on sale of 2-3 unit  $400 on sale of 4-39 unit  $1,000 on sale of >39 unitOrdinance 16-17:   $100 on sale of Single Family HouseNot sure if these are over and above the POS inspection fee required for a sale in East Cleveland.

You can get longer term loans from non-conventional lenders, but again, not a 30-fixed.