Without consideration the transaction didn't happen.  

Counting on appreciation in a 3 to 4 year time frame is very risky - especially with transaction costs so high. 

Like an attorney.For a CPA, your primary consideration should be someone who intimately understands the type of transactions you're doing. 

Depending upon the volume of transactions, how long you hold them, and if you can be a landlord for a little while, you might also be able to qualify for capital gains treatment.  

I would also recommend looking into becoming a transactional funder.

Let them know it will be a cash transaction etc. they will ask for the contract, and they will run a title search and insure the title.

No, I'm pretty sure turning off the electricity is illegal in every state in the US. 

Is the 8-unit a large SFR that was illegally converted?

If you owned the home for at least 24 months (2 years) during the last 5 years leading up to the date of sale (date of the closing), you meet the ownership requirement.If you received Form 1099-S, Proceeds From Real Estate Transactions, the date of sale appears in box 1 of Form 1099-S.If you did not receive Form 1099-S, the date of sale is either the date the title transferred or the date the economic burdens and benefits of ownership shifted to the buyer, whichever date is earlier.

What does a typical property acquisition look like from idea to transaction?