From my understanding, if you list the properties under a legal business and sell the business itself the ownership of the account isn't getting moved.

One of my close friends in the busines had a similar setup.. her husband was also a contractor, and together they tackled a fixer-upper that ended up netting them a solid profit on their first deal.When you’re hunting for the right property, I’d lean on a realtor who really understands investor math... someone who’ll help you break down potential cash flow or resale value.

I totally understand that it depends but I think what I am looking for is a bit more input and guidance.

Does it mean something I am not understanding?

In a city like Philly, you will face many challenges - you need to learn the market and know the neighborhood and the block and make sure all of your numbers are within reason, you need very reliable contractors, you need a to understand the permit process, you need to be familiar with market expectations. 

It's my understanding that the previous auditor only had the position for eight months, jacked everyone’s taxes up, and then resigned and passed away.

Then connect with some hard money lenders (you can find some here on BP as well as some who are typing this right now) and connect with them to understand their product type, what they like to lend on and requirements.Hard money broker is all numbers game of making relationships and helping those that are looking for financing, it starts out slow but if you get with a few good borrowers and lenders it can be pretty decent money to be made.As an example we paid six figures last year to HM brokers. 

As a CFA you probably know the old quote from Warren Buffett who said something like "buy what you know and understand". 

I the understand the wiring for this specific purpose equipment can be considered with the tangible property. 

I've been through situations like this.Hopefully the family pays rent and this becomes a non-issue.If they don't pay the rent, you need to be understanding and kind, but firm.