In my initial discussions with a tax adviser, I learned I would be able to deduct all expenses, improvements, and depreciation when I rent it out. I'm not looking to rent it over a very long period of time, mostly just for around 2-3 years while I figure out if LA is the place for me.
Yes, you will be able to deduct expenses. But they're expenses, so it's not like it's free money or something. Your tenant gives you $100, and you get to deduct $100 for random property management fees. That's not an extra $100 in your pocket or anything.
Yes, you will be able to deduct depreciation. Your tenant gives you $100 now, and you get to put the full amount (tax free) in your pocket because you've also deducted $100 worth of depreciation. When you sell the condo, you will be forced to pay a depreciation recapture tax of around 25% (side note: if your tax advisor didn't explain this to you, get a new tax advisor). This depreciation recapture tax will be on the $100 that you deducted, so what you've done is simply delayed paying taxes on that $100 of income. That may work out better in your favor (maybe you're in a higher income bracket now?), or it may work out worse (maybe you're in a higher income bracket when you sell the condo?). It depends on your situation.
Yes, you will be able to deduct improvements. Your tenant gives you $100, and you buy a new washing machine with that $100. Since you get to deduct depreciation on that washing machine, you pay taxes on $90 ($100 - $10) that your tenant gave you this year, tax on $80 that your tenant gives you next year ($100 - $20), and so on for 5 years. You still spent $100 on a washing machine that you're not using.
Maybe you come out ahead in this scenario with depreciation deductions; maybe you don't. Here's where you lose: you have to compute all of this stuff (or pay someone to do it for you). You have to keep track of all improvements, depreciation, etc until you sell the property. You have to track the basis of your property (ie, you bought for $100k, you took $10k in depreciation, you spent $5k on improvements: 100 - 10 + 5). And if you didn't live in the property for 2 out of the past 5 years when you sell, you pay gains taxes on the profit you made.
EDIT: the point that I'm trying to get across is that this stuff is (unnecessarily, in my opinion) complex, tax-wise. I had an accountant handle it for me when I was renting out my condo. $400/year plus the hassle of having to save receipts/invoices and file stuff away, and then the standard landlord hassles. I wouldn't do it again unless there was a strong chance I'd want to move back, and absolutely positively would HAVE to live in the same place.