I have 3 accounts per property which helps me leverage APY on savings accounts, prevent funds from being comingled, and easily set up auto payments for things like mortgage payments and utilities. 

The biggest pro of using FHA and conventional financing is you can easily use them to house hack for 3-5% down payment which is an extremely low down payment. 

But it’s just hard to understand unleee you know actual government households, the exact dynamics of government employed households & in general how much life style spending goes on the area that can easily be cut back.Right.

Once you take an action, that can easily trigger tax consequences.

Additionally I would suggest having the long term financing relationship built so that they can easily transition the deal after renovation. 

But at a $1.5M asking price, as long as you don't have to spend more than $300k in rehab (without raising rents), this is a slam dunk deal that should easily be financed  at 75% LTV by a "investment real estate-friendly" bank/credit union that is located fairly close to the properties.

If they are professional, they can explain this quickly and easily.

All of what you mention can be done easily with Podio configured for REI CRM. 

What's left is simply $ to close (HML easily solves that) getting the vendors to do the "simple stuff" (pick your platform; Angie, Neighborly etc etc) and than to sell it (more agents than one can count happy to list). 

Makes for very easy updating.As for out-of-state, @Daniel Hyman is correct that any competent tax preparer should be able to handle different state returns using easily available resources.