I have excellent drive and motivation, and I feel my background in banking gives me an advantage to understanding the different types of loans and the finer portions of the lending aspect, since most people seem to finance homes. 

I have the tax aspect covered, though indeed valid points in most typical scenarios! 

My gut says that if I can find a strong team and property manager that I can trust, I can make it work - but given my lack of experience with the "hands-on" aspect of home ownership, I'd like to get a second opinion.

I still keep some SFRs in my portfolio for the control aspect but not adding to that position.Passive syndication would give you access to experts, niches and geographies you know you should be or want to be in but don't have the time, expertise or even interest to be active. 

Focus on the leverage aspect instead... if you're making that money you're smart enough to figure out why I say that ;) 

The one sticking point for me though, is the aspect of adding a kitchen.

I am the director of operations for the company, which means I am responsible for most everything that involves the business.As a contractor, we have crews to handle all aspects of home repairs and remodeling.

Just taking the first step and doing something is without a doubt the most important aspect of this entire business.3.

A flip is a business, so it is subject to ordinary income tax.The IRS does not care if you buy a house, improve it and resell it or you buy bread, mustard and lunch meat and make sandwiches - to them it is the exact same business model.You can search the vast number of writings I've done on this subject on Bigger Pockets.I agree with your CPA in all aspects and here is why.Running it through an LLC:  If this project comes in at a loss, how is your investor going to prove out their share of a loss or report it? 

Delegating your tasks is crucial in this aspect of real estate.