Solid buy and hold with minimal deferred maintenance.

Most common reasons for numerous service calls:---You bought a crappy house with a lot of deferred maintenance issues---Tenants are causing the damage and need to be charged or removed---Poor quality of workmanship, so PMC should force handyman/contractor to be accountable---BONUS: a cost-effective solution was tried and failed, forcing a higher-priced solution.4) A good PMC will effectively do your bookkeeping for you via proper documentation and regular owner statements.

Since it is a tax deferred account you can buy and sell easily with not tax implications.  

Not sure how to approach it (re: funding, loan apps and etc)Here are the numbers:Total units: 7 (4x 2 beds, 3x 1 bed)Purchase price - $675,000Renovations - $20K estimated on one unit but it can be deferred Current as is ARV (estimated) - $950K Current Rents - $6,050 (all month to month lease)Projected Rents - $9,000 (market)Taxes - $20,000Current NOI - $33,310Any pointers would be appreciated on how to proceed, what to look out for and etcWe close in 60 days.

And a lot of repairs can be deferred, so if seller has been planning to sell for a while, they may be deferring items to not book the expense, hoping it will not get seen in sale process.  

Increase rents, fill vacancies, address deferred maintenance that increases efficiencies and reduces operating expenses to name a few.

In reviewing anything on BP (or books from BP), defer to the Canadian experience (which is why this Canadian forum exists).

For example, if I live in the home for 2 years, then move out and rent it out for 8 years and then sell it, can I provide documentation to an accountant and waive taxes on the first two years of appreciation, and defer taxes on the 8 years where I use it as a rental?

Properties that have significant deferred maintenance, poor management, high vacancy, low rents, etc.  

And in Texas, you inherit the lease when you buy, so I would defer to that).