We did this with our property and had no issues with our bank.

I had a tax professional prepare my taxes with no issues.

My lease says the rental will be provided pest-free and I will cover any pest issues for the first two weeks.

However, I think the prices in California will cause us to invest out of state and we will just have to learn how to set up the right systems and processes to deal with issues as they come up.

If you expect to have a more dynamic need - say you'll be investing nation wide and will need to address State and Local Tax issues in a number of different jurisdictions, or you'll be buying a property in the Caribbean, or you want tax advice on your estate/trust/gift planning, or now you are hiring employees and you want to ensure you are getting help when it comes to tax considerations of your employee benefit plans, or whatever avenue you go - maybe a Regional firm or one specialized in real estate all over will be your best fit over the more mom and pop practitioner.I always disagree with needing to work with an accountant that invests. 

But those in the field still spend 2080+ hours a year doing it, plus 20-40 hours of continuing education a year, and still regularly come across issues they need to research or toss around with experienced colleagues. 

However, you may have other issues to deal with.

I got a property under contract that I didn't want to keep because it had foundation issues, so I decided to assign it.

Here's my experience summarized about the Midwest. https://www.biggerpockets.com/forums/48/topics/1165499-whats...The "cash flow on paper" for Class C Midwest (which is almost non-existent with 7% interest rates) will cost so much in repairs, capital expenses, tenant issues and it won't appreciate enough to make up for the losses.

How can you make this "issue" a profit center?