I could not possibly buy and keep everything even at this point of my investing.There are ways to structure deals where the property can be sold and an interest retained, and I have done that in several different ways mostly with options and equity participation agreements, but every once in a while, a huge cash infusion to the business from a retail flip puts the conscious at a whole new level of 'piece of mind.'

Capex may refer to the item itself like hot water heaters, roof's, appliances, etc - i.e. big ticket items that don't require monthly recurring replacement but also Capex can refer to the account or monies retained from proceeds for future (replacements).   

The $500 or so a month I would make retaining them and paying a property manager wasn't gonna cut it as my only income for several months!

I think the going retainer for foreclosure attorneys is worth it if they fight you on this.

Have you received the retainer agreement yet?

I could sell the front 110 payments (just over 9 years) for 40K, retaining the back payments. 

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Tax accountant: $1,600 (annual retainer, or pay $250/hr - what would you recommend?)

If you are worried about someone trying to muscle you out of your deal or out bid you after your seller signs it you can have them sign it with a notary and have that purchase agreement recorded at the county recorders which would cloud title.

After you know all those laws, I would talk with the seller about notifying the tenant that you will only (this can be done through the contract) be purchasing the property if they evict the tenant in the time period of escrow, and the unit needs to be investigated while in escrow, or you want a reduction in price due to the lack of knowledge of that unit.I have inherited a tenant and California is way different and more strict with tenant/landlord laws than most states, but luckily the tenant left without too much muscle (figuratively speaking).