There are prolly some other items you want to do before needing to communicate with a CPA.1) You should develop a real estate strategy based on your strengths - Will you be a buy and hold investor, fix and flipper or focus on short-term renting.

what is the reference date to determine long term / short term capital gains for a real property?

You can do an air pressure test but it's important to note there are no short cuts.

Typically if they have plans to move they will not want to spend any money on the space in the short term.Howe far in advance do they have to give notice to renew the lease before exercising the first option period?

When a tenant calls for a service need it's beneficial for me; it gives me another opportunity to interface with the tenant and enter their apartment on short notice.

I am trying to find a short sale or foreclosure with FHA to buy than get a 203k loan than live in one unit and rent the rest out for a goal of net 750 to 1200, equity to have 25k to 35k in the property, i have 40k cash for it could get access for more but I don't wanna tie up too much I want to leverage  my funds.

I bought and lightly fixed and sold a property; I bought and fully rehabbed another house and sold; I bought a short sale and fixed it up as my primary residence; I’m in the process of a flip that has extensive work (just closed on Wednesday); I had a rental for almost three years.

Short story, i bought it for $66000 and done repairs that cost me $6000(appraised at $73000 ,my morgage is [email protected]%.I payed the first mortgage with  no tenant.now I leased for $1100/months with a new tenant. 

to make a long story short, i have purchased the property in 2016 WITH the violations. seller himself has not said a thing (neither real estate agents both sides, title ....) about the violations.I have recently became familiar with those violations, and as of today it should be in COMPLAINTthank you for your advice, I am now 10X more ready towards this. 

Bottom line is in these cases, you are at their Mercy and they can deny you for whatever reasons they may have ( Boarding rooms typically are NOT desired by any neighbors as they are basically a low-end short-term hotel).