What happens to your value if you close, choose not to get it permitted, and then the city says you can't do it and you lose the income?

Challenge is that I have an exclusive agreement with the seller because they wanted to list it, but changed their mind.  

The accounting software that you choose should not impact your relationship with your accountant as long as you can provide them a report that is easy to read and understand.I would suggest, if possible, to change softwares at the start of a year as it would make things easier.Furthermore, make sure you to carryover all balance sheet ending balances to your new accounting software.Best of luck

@Roy LoganIt sounds like you’ve made some great moves in real estate investing—your BRRR strategy is paying off with those solid returns.At the bare minimum, you should do the following to make your bookkeeping easier:Dedicate one checking account and credit card exclusively to real estate.

So something you might look at but again choose wisely don't get stuck in SOJAC stick to Madison or Rankin counties.

Screening is definitely an area I studied up on beforehand, and having a large graduate student population to choose from definitely gives me more confidence.

@Julian Martinez The good thing about your position is that if you decided to sell the property you can qualify for the 121 exclusion, and qualify for a 1031 exchange.

If you move into a property acquired through a 1031 exchange and make it your primary residence, you may qualify for the capital gains exclusion under Section 121 (up to $250K single/$500K married) if you live in the property for at least two of the last five years before selling.However, gains attributable to the time it was a rental property remain taxable (non-qualified use), and depreciation claimed during the rental period must be recaptured at a 25% tax rate.

If you choose an area or decide to work with people who will take up more time due to the low cost of entry, you may end up paying more in the long run. 

However you want to rehab and upgrade this unit, so you might choose to fish add a new breaker (circuit) and fish a wire to that room and add an outlet.