Also, I'm just looking for advice; any formal consulting will come from my tax/legal professional. 

Consult the podcast and then make your own determination then.

As you can see we have a lot of options and with a lump of cash this size, I felt it was only right to consult with the experts and gather some wisdom. 

Yes you can but I think you must consult with a mortgage professional he can advice really well on this. 

When you get large and successful, the CPA consult and attorney consult to establish your entities may be in order.  

Here's a good high-level, but you'll need to dig deeper and consult a professional:http://fairhousing.foxrothschild.com/2013/04/articles/fha-basics/the-fhas-mrs-murphy-exemption-a-50-state-guide/

I would probably consult with a title company about a double closing.  

Try looking up a FHA Rehab loan if they(the properties)/you qualify, I thnk 201k-Consultant K vs.

The kids are being raised trilingually, we're quite an international family ;)I have recently (Feb 2015) switched from being an employee to becoming a freelance consultant in the Health IT sector.

I would consult the local county counselors office to get more clarification on how the process works.