One thread topic that has been going on, is those of us in expensive markets, LA, NY, San Francisco, have to deal with much higher home prices compared to market rents and that affects deal structure on a sandwhich lease or sub to acquisition with lease option exit. 

HOA fees can have huge ranges, properties taxes can have huge ranges and can reassess after purchase, many FL properties are located in flood zones which can require expensive flood insurance.

Title would be in their name and they'd cut the checks on all expenses.

You have an expense in there for "Management."

I think Kelowna is quite expensive!

We would split the costs of any operating expenses.

You need comparable sales that are more expensive than your target price.

We have a separate LLC set up for each of them and a separate business checking account to collect rents, security deposits and pay SOME expenses. 

There is a lot to consider and my basic math on the income/expenses seems to show that I wont have an income from the property and all of my gain will be in equity.

And can someone recommend good and inexpensive (or should I say not too expensive) CPA and lawyer, knowing that I don't want to spend a lot of effort and money on setting up a structure for what could be the only operation of this type we ever do?