On the one hand, 2 4-plexes are probably worth more right now than 1 8-plex.

I have always sent or hand delivered to tenant a formal letter\notice at least 2 weeks before closing of the transfer of lease agreement, security deposits, and tentative date of the closing. 

Besides this lawsuit this person is no longer tied to the property...it's back in the hands of the estate partners. 

My brother on the other hand needed a college education to be an engineer.

Now I am doing this by hand (figure its good to get the practice) but no property that I know of (correct me if I am wrong) will rent for 3-6k a month (using the 1 or 2% rule to screen properties).

You will not hear much first hand antidotal evidence to support the need.Whether you do or don't is simply a personal decision in my opinion rather than a business decision.

It works best with motivated sellers, it's almost like I'm handing them a bag of cash and their problem is solved and they can move on with their life.  

All,  One of my tenants broke her hand while walking on the icy driveway. 

Now I was looking through some of my hand picked properties yesterday, and saw a beautiful 1920's colonial that needs professional restoration, at a great price, where I think a flip is the best way to go.

That would hands down be your best option.Taxes shouldn't be crazy high.