We are based in Chicago but incorporated in Wyoming due to the friendliness of WY for corporations and plan on building a massive business.If you are planning on opening an LLC I am not sure of the specific advantage to opening it in WY though. 

Seeking out a professional to help with this incorporation, is a CPA good enough, or should we seek an EA or a tax attorney?

It was later added to incorporate a limit based on asset basis as well.

If you are keeping existing tenants, in most cases the most you'll be able to legally raise rents is 4% in some of the more strict areas its under 2% If section  8 is incorporated with this property I would strongly suggest looking deep into local laws and be prepared to go to work as the landlord, if anyone is saying you simply sit back and collect checks they not telling the full story.

Me (current):10+ years in corporate finance & accounting; The most recent 2 have been in project management (hybrid between finance & IT) in the healthcare fieldBachelor in Finance, Graduate Certificate in Accounting, and Master in MIS (Management Information Systems)My strengths are working with people, numbers, Excel, and automating systems and processesBetween working more than 40 hours, a 3 year-old and a 8 month-old, I barely have any time to dedicate to REI.  

Choosing the state to incorporate in can affect income taxes.

You don't need to be incorporated to get those deductions; you're entitled to them regardless.There are no tax advantages or disadvantages to LLCs.

I thought maybe we can incorporate the loses from my regular income if that would be to my benefit.

I put 3“ chair rail trim in almost every room of the house. 95% the area that needs to be repainted is is at chair rail height and below.

House hacking and doing an FHA loan on a 2-4 unit that with some value-add potential seems to incorporate many of the best wealth growing RE strategies...house hacking (someone else pay your mortgage), FHA loan (as little as 3.5% down payment), 2-4 unit (allows the house hack option and provides greater potential for cash flow compared to one unit SFR), and value-add (to force equity/appreciation).