I would advise you talk to your accountant to make sure all of the information for your situation is correct.However I do not see any issues with using turbo tax, but you are starting to get into some gray areas of the tax code, where having a professional might be worth the investment.

I would suggest getting  lockbox or key code system.

Another downside is you loose on the advantages, of the Federal Tax Code, by not closing in the name of a LLC.

Most of the zip codes south of the river and close to downtown have higher crime rates and lower rated schools.

These zip codes are high cost of living areas.

Our clients range from individual part-time landlords, to the largest professional property management companies in the region.Our law firm also handles the following areas:Multifamily / LandlordEvictions (Residential and Commercial)Lease (Addendum) Review / DraftingResidential Real EstateCommercial Real EstateAd Valorem Taxation LitigationPersonal Injury Defense/Premises Liability DefenseCivil LitigationMunicipal/Code Enforcement IssuesThe Cweren Law Firm is dedicated to providing quality value-based legal services with a goal of establishing and maintaining a long-term business relationship.

The tenants can clean up their act prior to close or the seller can evict them (though it might take 2 or 3 months) or work through code enforcement (slight danger but better than the current circumstance) to effect the change.  

How does one decide on which areas/zip codes to look for deals?

Because when you try and sell 123 Main street a 3 bed 2 bath house on Craigslist without a RE license you are violating CA business and professionals code.

@Terrence ConleyI have not tried but I plan on using cozy for rent collection, For rents in your area I would reccomend, going on Craigslist and typing in your area with same number of bed/bath and within a 1 mile zip code.