How am I taxed? Can I pay myself a salary?

[Dustin Awtrey]

So I am working on this project that once I am done will be cash flowing around $5000 per month after all expenses are paid. I want to quit 9-5 and become full time RE investor. I plan on property managing myself as all these units are brand new and will not need much maintenance. My question is will this be taxed as passive income? and what is the best way to pay myself a salary to live off of? weekly? monthly?