Don't make it more complicated than it has to be.

If your tax situation isn’t too complicated, you could try handling it yourself using good software, but if you want peace of mind, a CPA could be worth the investment.Since your parents have experience, you might lean on their advice while you learn the ropes.

It will complicate things and cost you money every year.

You cannot refi most loans without an existing tenant and lease in placeBeing out of state complicates things a bit here. 

That's how many of the larger complexes get funding to buy and rehab buildings,, that the normal small investor can not afford.Section 8 like other government programs has difficult aspects to it to manage, the people on section 8 are like a bushel of apples, some good some rotten to the core, and when mixed together the entire bushel tends to go rotten if the rotten apples aren't tossed out of the bushel.LOTS of paperwork and inspections and the inspectors are just as complicated as the tenants sometimes.

Sometimes, keeping things simple is better than making moves that are more complicated.

Not sure how complicated your situation is, it is easy to miss necessary elections in order to claim appropriate deductions.

Real auctions are so NOT for new investors or most investors or any outside the window looking in. wow that one I have not heard but I am not keen on East coast foreclosures I like Ohio OK and IN  but PA NJ NC  those states are just way to complicated for me..

SO many are making SEC 8 more complicated than it needs to be.

In most cases, neither is warranted.Warning: I am not an attorney, and this can be a complicated topic.