My debt is under control and I have a savings account just for investments.

@Christopher Phillips and @John Leavelle: what should I be accounting for in repairs and capex?

So far, the accounting firm had been filing 1120 form, but I was wondering if we can file in the form 1120-H ourselves without involving an accounting firm.

With HML will I need to liquidate and have money in my business account or will they accepted the LOC and cash?

I have seen a lot of flippers in my area lose money, or not make much,  because they inflated the ARV and/or didn't account for market changes over time. 

You should then connect with an agent to get access to the MLS and then reach out to a lender to see how much you can qualify to purchase.If you currently have a CPA/accountant - you may want to reach out to him/her with questions prior to the purchase.

You will also need to account for projected capex, vacancy and property management including leaseup.

After speaking to him, I was informed that one of the family business accounts was closed due to suspicious activity.

Primarily I’m looking for any tips, references, recommendations on legal and accounting, management software, LLC setup for each property (legalzoom?)

Please speak with your accountant if you have questions about what types of home improvements qualify.IRS publication 936 explains how the home mortgage interest deduction works.