I was curious, however, as to the factors that influenced your decision to invest out of the local area, especially doing flips which seems really tricky from a distance. 

If you get to the point of owning hundreds of units, is it legal, that any rent raises are also influenced by cost of owning the unit.I have been renting for 17 years myself, and have never had a private landlord raise my rent.  

I think that may influence my response.

As others have stated above, there is no difference for federal income tax purposes.That being said, your business structure should not be influenced solely by tax implications.  

We love Chicago and feel that as landlords, we have a great deal of influence on our community. 

The benefits that influenced me to get my license the education of course as I like to have a strong knowledge base in whatever I do, the network of professionals that I'm now exposed to, and of course the savings since now I won't have to pay an agent for the transaction during a purchase. 

I don't know about tenant/landlord laws in Connecticut, but you may want to take that into account too.The odds of your tenant fighting a small charge for the carpet--slim, but every dealing you have with a tenant builds a public image of you (not to mention speaks to your character).If the carpet is only a year old, then I, personally, would charge them replacement cost... any older than that, and it would be a depreciated replacement cost.The fact that you were going to replace the carpet (though it may speak to the carpets age) wouldn't directly have any influence in my decision to dock the security deposit.

All to make sure I did not unduly influence the appraisal.  

You never know who you are going to meet, who will influence you and help you along the way.  

There are also smaller scale meetups available on meetup.comHere are some great books that I have read and have provided some great insight not only in Real Estate, but also in life.Ultimate Beginner’s Guide – Here on BiggerPockers under “Education” then “Guide”Millionaire Real Estate Investor- Gary KellerRich Dad Poor Dad- Robert KiyosakiReal Estate Advantages– Sharon Lechter and Garrett SuttonThe ABCs of Real Estate Investing– Ken McElroyThink and Grow Rich– Napoleon HillThe Seven Habits of Highly Effective People– Stephen CoveyHow to Win Friends and Influence People– Dale CarnegieE-Myth- Michael E.