Now I'm studying CRE finance, investment, and tax strategies aside from my full-time job to better equip myself with the essential financial literacy. 

@Mickey Petersen I bought this one in Mar 2020 from the local tax sale.

Same goes for number of LLCs and what to fund them with, since bear in mind that CA tends to be more cumbersome and expensive to have LLCs than other states.California is generally more cumbersome than other states when it comes to taxes and filings.

Thanks all this advice is greatly appreciated and it's a relief to know you would also wait until the unit turns over and I can wait to avoid the hassle and cost with all the logistics!

However your situation becomes a trickier case study since these properties first served as your primary residence which could provide additional benefits form a tax perspective not available to an owner of investment real estate and nobody has a crystal ball and knows the property with certainty will transition into an investment property. 

Tax Considerations: What taxes should I be aware of for property management services, even if the properties are mine?

If you can get an extra $20-$50/mo each renewal, and avoid the costs of turning the property over, it's a win!

Accountants are in such demand, that the best are not even accepting clients half the time.The other problem I see often with accountants on here is that they specialize in larger investors, and have really high prices when you as a smaller investor do not need all the bells and whistles.Another thing I see is folks thinking they need to have a tax professional in their state.

How can I avoid huge costs on rental inspections and ensure I get rental licenses for properties?

If your intent it primarily to resell (the definition of a fix n flip) then you can't 1031 it.But that being said, there are a bunch of my clients over the years who have shifted their model slightly so they can get the adrenaline rush of fixing and the tax deferral of 1031.