What are the most important accounting reports to properly manage property and report?

If you haven't I would talk to @Tim Swierczek, he is an expert in financing.Duluth is an interesting area, I imagine multi-family properties aren't as easy to comp as there are so many cheap ones available. 

I understand that this journey will not be easy, but I'd rather struggle and work hard towards my future rather than someone else's.

Is it easy to make a flexible lease to allow tenant to move out any time they want? 

If you do it without proper approval, and the lease requires it, you'd be violating the lease.

As easy as this sounds, it's not simple and usually like pulling teeth.

Each step is not easy for me, however, for the benefit of use the $250,000 LOC over and over, this risk is worth to take, and I need to buy and read more books, and lay out a detailed plan before putting into action.Thanks again,Yuqi

Again, an attorney is needed to do this properly and smoothly for you.

I wouldn't recommend doing this without proper permitting so you'll eventually need to talk to them anyway.

You did not mention what state you are in and it could make a difference in the proper answer to be given.