Under Civil Code 1102.3, the seller is required to deliver the TDS "as soon as practicable before transfer of title" and provides the buyer with a set number of days (based on delivery method) to cancel the transaction. 

It would essentially be a set it and forget it investment.Any experience doing anything like this? 

If your sale has closed then exchange proceeds can be use to purchase the new property in the entity set up by the QI called the EAT (exchange accommodating title holder). 

The DD period is a set time, allowing it to continue one minute past is not helping your client and the buyer going back in is essentially continuing the DD.Just my thought, It could just be NY though, how is that handled in your 3 states @Russell Brazil

The real estate focused CPAs on Bigger Pockets are all set up to serve clients from anywhere in the country or world.Perhaps you might want a CPA that specializes in real estate rather than one that is physically close to you?  

The classification of multifamily properties is not set in stone.Some people look at it by Construction Year exclusively, and others weigh in the Property Conditions, Ammenities, etc.Here is a very general classification by construction year:Class A: 0-15 years oldClass B: 16-29 years oldClass C: 30+ years oldClass D: 30+ years old in high crime areas.To answer your specific question about section8 being a Class B or A, I’d say it is not likely. 

Maybe do a "secret shop" and have a friend or family member call and inquire on the property to see if the PM is easy to get in contact with and set up showings. 

You sound set there and so you just have to find the right deals.

Would setting up an LLC be the smartest route tax wise?

I wouldn't worry about artificial goals set by the internet, just focus on what reasonable for you.