I'd like to keep my first deal relatively simple and therefore I'm focusing on 3-4 MF for now with aims to quickly advance into 5+ MF and commercial.

You can do this with a simple, one-page addendum, or even a written statement added to the existing lease and signed by you and the tenant.Example:This lease agreement is hereby amended to reflect the change in ownership of the rental property located at 123 Straight Street, Cody, WY 82414.

I think you need a little more education and a mindset shift.Real estate investing is a fairly simple process.

Obviously, you pass this cost on to your borrower.My experience with Lightning Docs is that they will answer simple questions at no charge. 

I keep thinking about tools that can help me reduce risk by catching errors or red flags in seller disclosures and inspection docs, but that's likely because I've had a bad experiences with both.A simple and obvious example is a seller checking "No" for pests section, such as Scorpions and Snakes in Arizona when the property is in the desert, so obviously, there will be snakes and scorpions. 

Look, I think of it this simple, I don't know a single established millionaire who does the "standard" consumer debt thing.

Buy low, sell high, it's really that simple.

Start with simple repairs, plan for vacancies, and ensure professional inspections. 

Quote from @Rud Sev: Hi Michael,Thank you, I will message my CPA asking for a more detailed explanation.I've been inquisitive with my CPA, but unless I ask question I do not get explanation (and unfortunately not a walk-through), although I've shown interest understanding this further and further.I'll try to reformulate my question more clearer (and with more data) - the problem that I have and will have is figuring out if my questions and confusion are due to a lack of understanding on my part, or my CPA is truly making mistakes.Regarding carry back, thank you for this info.

I've flipped about a dozen properties here in Chicago, and quite honestly, it felt like something different went wrong on each one of them.My biggest piece of advice is to KEEP IT SIMPLE starting out.