I agree, you need an attorney and a tax professional on board with you.

@Ryan Ksiezopolski,Here's some ideas to get the seller more on board with your line of thinking.. 

Typically in the range I'm looking in, the return would be more like 15-18% if I self-manage.My wife is on-board with this and will probably do a lot of the managing since she's a SAHM and I have a full-time job.

It also may help to have a parent on board to make sure you don't encounter any weirdos during your search.  

It will make it much easier if the city planner is on board with what you would like to do.In my situation I found out that a variance cannot be used to subdivide a lot.

Do your due diligence as many offices will bring you onboard knowing that you will have a few deals right off the bat from your sphere, and give you a lousy commision split.Hope this helps... just a newbie here so be advised!

The new company will have some time to on board the new property, send a welcome package to the resident, and avoid rent payments going to the wrong company.  

Make sure to talk over the septic situation with them.As long as they are on-board then I'd hire an architect and bid it to a few contractors and see if it made financial sense.

I still want to learn more about how to calculate deals for flipping or brrr before we take the plunge, but I think she's onboard for making this happen sooner rather than later.

One of the owners who owns 20 out of 32 units tried to institute an HOA a couple of years back but he failed to get the other owners on board.