If I continue to pay the mortgage in the the seller's name (with out refinancing) would they claim the mortgage interest tax deduction or do I get to claim that since I am paying the mortgage and hold the deed to the property. 

This area is one that a lot of investors seem to avoid. 

@Yasmin Sharbaf if it’s not new construction, your agent would usually have shown you current tax records including what they list as square footage, especially if that was a known concern of yours.

If I pulled to put on a rental property for around 200k then after property tax, property management, mortgage, insurance I’d probably be cash flowing much less than my 5.5% at the moment. 

I’d use this as an opportunity to reassess your lease verbiage to see what other loopholes you have exposure to.I’d avoid open ended deadlines and make it as specific as possible.Also I saw someone else say you sign last.

Do they leverage the purchase for taxes and depreciation?

I recommend CA residents look at Reno, Nevada because of the proximity, landlord friendly, low property taxes, and influx of high wage jobs and strong appreciation. 

Given the flexibility of our jobs, which offers nationwide opportunities, we have the privilege of choosing our permanent address anywhere in the country while remaining compliant with IRS regulations regarding tax homes.Initially, our aim was to purchase property in the Portsmouth, Durham, or Salem areas of New Hampshire.

Taxes are low in Philly.

I stumbled on some information about short term rental tax benefits as it pertains to lowering W-2 Income.