(See SEC Publication, Filing and Amending a Form D Notice, A Compliance Guide for Small Entities and Others http://www.sec.gov/info/smallbus/secg/formdguide.htm.)So the reason not to invest is they either have no other investors, and if they did, they failed to register.Why post this?

Driving for dollars is a very time-consuming task and even if you target distress properties that its only one layer of motivation which for us is not the one that triggers our sellers to be motivated.  

However, as your portfolio grows, a CPA becomes more essential to ensure tax compliance and optimize your returns.Don't worry about finding a RE CPA to work with right now.

Our plan is to hold long term (10+ years) and likely pay it off in 5-10 years to act as supplemental retirement income which we plan to get to with a couple more properties paid-off in Tulsa eventually.Would you pull the trigger on these two properties based on our goals?

The insurance company will notify you if the tenant's policy ever lapses or is canceled.If you require insurance, figure out how to track and enforce compliance.

At a glance, there's a long eviction duration, many compliance laws (e.g., flood zone, lead, etc.), and annual property registration that must be completed to not incur a fee.  

We found a property that we like a lot and was getting ready to pull the trigger on it but wanted to know what would be the best strategy for us without going the conventional loan way or FHA way due to having to; 1-having to put down 20% for conventional and 2-having to live in the property for a minimum of 1 year with the FHA.

Note that if you are 55 in an 401K and leave work, you can access those funds.I know folks that have pulled the trigger and just taken it all out. 

If a property is transferred to an LLC, would that trigger a new appraisal for property tax?

Yes, I foresee many potential issues that you'll want to consider carefully before pulling the trigger on an OOS property in a C or D area (see my previous post for details).Good luck out there!