Once you can answer these questions I highly recommend reaching out to an accountant willing to consult you to address these items and dive deeper into your tax situation. 

With an Operating Agreement, separate bank account, etc.? 

Also, since you won't know the actual condition of the property, you'll need to account for that in your offer.

Any investor looks for places which have a bright future, not one's where their downtown is closed due to crumbling and unsafe buildings.https://www.wkbn.com/news/local-news/gas-explosion-in-youngs...https://www.economist.com/united-states/2022/03/12/what-buck...https://ysu.edu/center-working-class-studies/renaissance-who...https://www.propublica.org/article/these-companies-got-milli...As Bones would say, it's dead Jim. 

Should I use some SW for all this accounting?

Agents should be studying their market daily and will give you great feedback on properties and areas.3.

Saves me from having to transfer any amounts that add up into a separate interest earning account. 

But how do you know what to take out every month from the bank account once the rent checks are deposited? 

It's seamless, makes tracking revenue and expenses very easily, provides me with bank account options for all of my properties as well as virtual credit cards AND a hefty interest rate on savings.

My advise is to start with single family or a small multi-family ground up project first but this market environment is truthfully not the time to be completing any ground up projects unless you are self performing the construction which it doesn't appear you are in a position to do.There was a recent Philadelphia  forum chain started by someone else who was contemplating ground up in a similar fashion to what you are proposing and I cautioned they would be better off buying something that was newly built and believe after conducting their own diligence realized it was too cost prohibitive at this time to build with 3rd party GC's in Philadelphia when also accounting for the interest rate environment and cost to build.