Hi Angie, your best bet is to get a no-cost pre-analysis/estimate and then decide with your tax professional/CPA how it fits with your specific tax situation.

It was initially my CPA that suggested I consider the DIY approach.

You failed to include what I wrote earlier:  All of this can be found online in some shape or form & if someone wanted a deeper explanation, contracts, etc. they can obtain this information/material for significantly less through a CPA, attorney, etc.

LLC #1 (convert to s-corp once turning a 40K/yr profit as recommended by CPA) for a flipping business.LLC#2,3,4+ for Buy/Hold business (opening up new LLC after the previous reaches 1M in equity or property is in a new state)Parent/Holding Company - to own all LLCs or just multiple Buy/Hold LLCs as they are formed?

We are looking for recommendations on a good Lawyer and CPA that practices real estate law, taxes and strategies.

This post does not create an attorney-client or CPA-client relationship.

However our CPA won't do it he says he can't stand behind the study since he has never done it before on an SFR.

Here are few links to videos that a real estate CPA did.

You will also need a good real estate attorney that can advise you on deals, a good CPA that knows the details about investment real estate, insurance agent, and contractors who can provide you bids on work that needs to be done on the properties you look at. 

I think it is allowed but Definitely ask a cpa about it.