CPA from San Diego won't be cheap for sure and i am not sure that CPA needs to be local to provide great service even though i have total 4 units(3rental+1primary) i feel its still not complicated and don't want to spend couple of thousand $ to use local CPA service.

You can spend as little as $100 to form an LLC, or you could use an attorney and spend $1,000 or more.

If you're going to be moving anyway, you can spend some time looking in the area you're moving to.  

I requested copies of the income taxes for them both and it looks like this could be a pretty good deal but I'm not sure how much he spends on materials to keep them running as that was not included in his "financial report" (which was a piece of paper with number written for utilities).

There are a lot of active investors out there that don't spend their time on BPs.

You can't reliably spend your 'cashflow' on living expenses, because you don't know when that next big expense is coming and therefore you need to keep that cash on hand instead of spending it.Historically real estate has tended to go up in value by roughly 4% yearly on a nationwide level. 

What @Tim Baldwin said.Otherwise, spend some time figuring out how to edit your existing lease to make it MTM.FYI - our company lease is setup to be ANY lease length by just modifying the lease term.

Purchase price: $1,170,000 Cash invested: $900,00016 Unit Value-add property we significantly renovated spending $35k per unit doing interiors, exteriors, and amenities.

When we look for properties we set a pretty defined criteria so that it enables us to only spend time on the properties that fit for us. 10-90 units, C+ or better areas in Jacksonville and Orlando, has a value-add component.I would suggest trying to work backwards, especially since this is somewhere you want to live.

So I would spend a little more and try to get into a little better than the worst areas.