With this FHA loan, you'll be giving up a lot of control to the lender, cutting your cash flow significantly, a ridiculous ~4.5% annual Mortgage Insurance payment, will be subject to annual audits and regulatory costs, and high up-front fees with long closing periods. 

It really hit on something that I know I need to do but put off and never get done, which is to put proper systems in place.

Yes, absolutely yes, review items such as crime trends, median income, unemployment figures, non-farm payroll figures and growth respective of that, school system health, general GDP growth of the prospective market.

They need to build new pumps and systems to help with the major issue of flooding.

They also walked me through the house, told me the maintenance expenses and ages of all the systems so I have replacement costs in my business plan. 

This will allow you to invest out of your local area..I have a passive mind and always consider the automated systems but the flaw of that is the lack of face to face interaction with customers..

I live in California (non rent control area) I'm currently a landlord and now I have a month to month with my tenant .

If you renovate then you may need to have the asbestos remediated when you modify the systems using it.

I know that if I want to take this an make it a business, ill have to have systems in place to keep me accountable and on track with everything.

I recently made the switch to a digital book keeping system, so would I be able to send the tax documents over to them?