On property number one, I would cash flow $750 a month after mortgage, taxes, and insurance if I also rent out the unit I live in.

Assuming this is an 8 cap neighborhood you'd have a ~$420-450k value within a year (unless property taxes are crazy high) when leases would renew since it'd be valued as a commercial building with the office space.

I would be beneficial to determine if they are other aspects of the property that make it a worthwhile investment (tax, appreciation etc). 

Tax Preparation, Tax Advisory, Accounting.

From tax stand point I would think you can separate from primary and be okay with IRS being that IRS will not be local code enforcement.  

No management costs as it would be self managed, and estimated property taxes by the average of the past few years.

@Chris Seveney The types of leads I'm targeting are absentee owners, vacant properties, pre-foreclosures, tax delinquencies, and probates. 

The property tax is higher than other markets, but generally, the numbers still work. 

I have also been doing quite a bit of research on Loan's, tax consequences etc., and am working towards being a expert in this niche.  

Overall, the tax benefits and appreciation alone keep me interested in staying with it more than the cash flow itself.