Title would be in their name and they'd cut the checks on all expenses.

You have an expense in there for "Management."

I think Kelowna is quite expensive!

We would split the costs of any operating expenses.

You need comparable sales that are more expensive than your target price.

We have a separate LLC set up for each of them and a separate business checking account to collect rents, security deposits and pay SOME expenses. 

There is a lot to consider and my basic math on the income/expenses seems to show that I wont have an income from the property and all of my gain will be in equity.

And can someone recommend good and inexpensive (or should I say not too expensive) CPA and lawyer, knowing that I don't want to spend a lot of effort and money on setting up a structure for what could be the only operation of this type we ever do?

From what I remember it was time consuming & very expensive.

Total expenses per month according to the owner are about $215, gross rents are currently $1275.