Check on ownership status before you get into escrow.Get multiple inspections to be able to really determine the extent of repairs.Try to align yourself with the best contractors, had good referrals, but somehow nobody stood behind their warranties.Have a good lawyer and local accounting firm.Talk to locals to see how things are done and what's happening around you.Have patience!

Seeing someone with bad credit, messed up financial, no job, putting the debt on his parent's account to pay for this program and hope to achieve a dream that he's most likely not achieve, really breaks my heart! 

This credit amounts to $1,666 per month, with the monthly rent set at $3,300.From an accounting perspective, should the $1,666 per month be treated as a liability (deferred credit) and excluded from income, or should it be recognized as income and then applied as a credit at closing?

Don't charge for utilities, keep the rent at a fixed price that already accounts for estimated costs such as utilities.13. 

Phil Alexander, the main guy, does not hold the local providers accountable.

Hoping to meet a small group 3-6 people that can brainstorm, ask questions, and help hold each other accountable for our goals. 

Also,  make sure your turn over costs account for the smoke damage.

The main reason is that it is not initially set up for a Real Estate business like other “real estate-specific” accounting software.

Would love to hear some first hand experiences with these options.

You may want to consider working with your accountant remotely to expand your options.I would also recommend looking for a accountant willing to work with you throughout the year.