Certain counties provide a homestead exemption which lowers the base on which they apply their property tax rate to.If the property taxes are high in the area - you have to account for that when you make a decision to have an investment property in the area or not.Areas with high property taxes likely also have higher rents.If you still can't make the numbers work - You may want to look for another area to invest in.NYC and some surrounding areas(such as hoboken) are hard to find cash-flowing properties.

Would be great to find accountant familiar with real estate and how can maximize business set-up as well as tax benefits for real estate investing. 

I would assume you would escrow 3 months of this as well to your escrow account to be paid out annually be your lender....Hope this helps, maybe the confusion is you did not realize that in edition to the escrow funding you needed to pay homeowners and flood premiums in full?

Right now I'm looking for referrals for a good attorney and accountant in my area.

Making sure to make a clear distinction between your rental business and your personal finances, nothing says you can't add a few months rent to their account out of your own pocket, via some cash to your PM.

Most times they take in account that you'll have a potential rental income from the other apartment.

All they charge is $1495 to originate and processing the loan , then you have the title company transaction expenses , pretty standard and the amount to escrow account ( property tax etc).

Account Closed I would say 1.3-1.5M.

You need to talk with an accountant to know what to do and how you will be taxed on the cash flow.

Also, I plan to set up business bank accounts for the property (being the only asset the LLC owns).