Not to mention Flood risk.I'm looking for Landlord friendly cities and intend to self manage the property.Any help would be really appreciated! 

for the FWIW file and congrats on selling your bizz thats a nice payday.most of the folks I have done bizz with over the years that are very liquid will buy as high end of rentals as they can  IE A class and put professional management in there. many states require on site manager over a certain amount of units as well.. so the PM is really managing this employee that is mandatory for you to have.. this could work well for you you manage the on site manager let them do the dirty work and you stay engaged and gives you something to do.. good luck with it..

In theory, you would only hit the maximum SS amount (possibly SDI depending on your state).I think the bigger question is: did someone advise you on making an S-Election for a rental property?? 

I have an extended family connection who wants to partner up with me to buy real estate in the states as a limited partner (capital provider).

Many of the things you can do during the redemption period are spelled out in the state statures of where the property is located. 

Lastly, is there anything else I should know about Irvington that's important for an out-of-state investor to understand?

If you're near Sac State students might pay more if the property is in Carmichael a family might pay more.

They don't market their particular niche as a get rich quick, an anyone with our training can do it, or an "it's simple and easy" formula; instead they acknowledge potential legal issues, the financial limits of the sub to financing, and the need for state specific legal advice.Maybe I'm way off....but to me these guys seem legit. 

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.

Even the Attorney General has advised that passage would likely result on a lawsuit that would not be favorable to the state.