If passive then you will want to connect with a property manager that can take care of the property for you and handle all the bookings and such.

local contact put us in touch with current owner who couldn't handle the building anymore.

The search does not trigger anything handy (try searching for "CPA" or "Accountant" for fun, it's missing 99% of the actually related posts).I am creating a Fund of Funds that will invest in syndications, and I am looking for a CPA that can (1) advise during the fund creation, (2) handle the tax filing for the FoF, and generate the schedule K-1 for investors.Any recommendation for this more advanced setup?

  $30-35k per year is not very attractive unless the property manager handles just about everything and you are free to make money elsewhere, or have the resources to wait until you build it big enough for a more attractive income. 

The best question to ask yourself is if you have the time/personality and contacts to handle it if things go wrong. 

Are the water pipes in the house large enough, or in good enough shape to handle another bathroom.

Or do you have a trusted group that you can contact for easy to handle issues (toilet clogging, etc.).

On the day of closing the title company will handle all of the paperwork and you will collect a check for the difference in prices between the two contracts.

No worries, let your lawyers handle it from here and each step you can ask them again about cash 4 keys, dropping the rate as you go as you spend more money on legal fees the money you can give them gets lower. 

That should of been handled when you bought the house