Afraid of secondary effects, both Fannie and Freddie remain in conservatorship today.What specifically did they do wrong?

I also usually compound the return by reinvesting my payments, so the present 12% fund effectively returns 14.38% which is pretty awesome.  

For your seller its an effective sales price of ask - 2% using your assumed $500,000 thats $490,000, a real good offer depending on your market.  

Is your concern reliability or effectiveness?

Effectively no, otherwise everyone would do it and there would be no rent controlled buildings.If the property becomes vacant there are scenarios you can remove it from rent control. 

I am looking for a CPA to give guidance on the most effective way to go about the process and work with going forward.

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But it's a compounding effect. 

we can do it not rented but rate will be significantly higher. easier and more cost effective to rent it. unless the bridge money needs to be paid back asap or you need the funds back to buy more, then a cost analysis needs to be done. personally id get it rented at market rent or a touch below if time is a factor.