Even super complex improvement exchanges that require parking entities are not the end of the world if you have an experienced Qualified Intermediary. 

Finally, we need a CPA, open to referral.Hi Jess, this may require more information to properly assess but it is possible to treat the transfer of the property and the refinancing cash out amount as a investment (capital contribution) into the business.

Purchased with 3 or 4 units rented ($525 for 2/1 and $425 for 1/1s) and the 4th unit requiring significant renovation (subfloor rotted) with no current renter.

I could definitely buy a multifamily by myself but it would be in a less desirable area that we might not feel as comfortable living. 

Competition is intense and you're likely going to be looking at handyman specials in rough neighborhoods that require kevlar vests to find anything that cash flows.For the past decade or so I've been investing virtually. 

Understand their fees, bid process, termination requirements, markups for work done, how they confirm fair bidding (especially if they have on-staff handyman).I would talk to the actual tenant in place to understand what their experience is with both property and management team.I would drive the area to understand how your property compares to others on the street/in the neighborhood.I would talk to other management companies and realtors to understand their understanding of the market, rent levels, etc.Basically, full due diligence and underwriting of the property.

Also, did the requirement include at least 2 years of RSU on your tax returns? 

(I don't know what the licensing requirements are in Ohio, but if the LLC is renting out property it doesn't own, there might be licensing requirements to act as PMC).I think a couple of background questions would shed some light on this:What is the purpose of the LLC?

Less desirable neighborhood but in-filling quickly.  

Buy a neutralizer, spread it around heavy, poly film it, come back in 24 hours, ozonate if there is still smell (likely for a couple days or more depending on smell and ozone capacity of machine), then you’re probably sanding and throwing down whatever stain /polyurethane you desire.