I talked to my CPA and he said that it wouldn't be advisable to have a lease agreement, but a living agreement of house rules he feels comfortable with. 

When I meet local buyers (which I'm doing ALL of the time at local REI meetups), I ask them what types of property they're looking for, where they want them, what condition they're comfortable with, and what price range. 

If that’s the case, decide how many units you are comfortable managing with your schedule and consider how you will meet any needs they may have (such as midnight property emergencies like heat going out, plumbing leaks, etc), and find some maintenance and repair people that you trust to handle the big things you cannot do yourself.

Hagerstown, MD, might be another option (full disclosure: I own in both areas).THAT SAID, if I were in your shoes...

The other option is also good however as young investors I would start where your comfortable, accomplish that and then consider expanding geographically. 

Never want to win so badly that you will forego your future by waiving things you are not comfortable with or experienced enough to waive.

Where's your comfort level, and do you have cash to put into marketing. 

You should only be flipping a house when you have watched someone do it and feel comfortable and confident that you know everything you need to so you don't lose money.

If the deal has a comfortable DSCR and the underwriting makes sense, you should be golden.I definitely think it's worth finding the new property first, then put up your current building for sale to avoid the deadline jitters.It's also worth looking into agency debt for a larger MFR.

My credit is around 800, I have excellent equity in my other properties, and I have a comfortable salary ($100k give or take).