Additionally, you will most likely need title insurance.

Do you guys have any suggestions what do you look for sold as properties? 

You are ultimately adding additional detached living space which should add to the appeal to a future buyer/tenant, or for your enjoyment.Come on man! 

Mortgage liens are generally junior to government liens, therefore, additional diligence is necessary to ensure that those liens are not on title or that you are accounting for additional costs when purchasing the property.

Additionally, I'm planning to commence my real estate investment journey by house hacking and eventually scale up to large multifamily assets. 

Swapping one breaker takes modest time (15 to 30 minutes if no unexpected issues including time to identify the circuit), but swapping additional circuits at the same time requires very little additional time (probably less than 5 minutes each).If AFCI breakers does not meet code, The possible solution could be as simple as installing a GFI on each circuit.  

If you have a few amount of properties, I would suggest excel.If you have more than a few properties, I would suggest an accounting software like quickbooks desktop, quickbooks online, Stessa or Xero.

You can't actually tell me that if someone willingly divulges additional information to you that could affect their ability to pay the rent, that you actually do not give that information a second thought when evaluating the other criteria which forms a legal basis for qualification!

Another CPA can correct me if wrong but I don't think there's going to be any recapture here.27.5 to me implies 1250 property and if acquired after 75' means no additional depreciation to recapture.I think there would be unrecaptured 1250 in the amount of the depreciation taken previously, max 25% at ordinary rates.The total gain less unrecaptured 1250 I believe would be 1231 capital gains, not considering other factors like look back and netting rules.Also the land would be 1231 and would get capital gains treatment.And personally I would subtract selling costs as a capitalized selling cost.Amount RealizedLess: Adjusted BasisRealized Gain/LossLess: Selling ExpensesRecognized Gain 1001I could be wrong though so correct me if so.Article for those interested:Depreciation recapture in the partnership context (thetaxadviser.com)While Sec. 1250 only requires additional depreciation to be recaptured as ordinary income, Sec. 1(h)(1)(E) subjects unrecaptured Sec. 1250 gain to a maximum tax rate of 25%.

I would like to have a mortgage payment in the $3500-$5000 range.I am just getting started in real estate investment properties and don't know enough about how other landlords show that the other mortgages are covered by rents and qualify for additional loans?