I have gutted to the studs the last 5 properties I have bought from tax/foreclosure sales in this county and this one is not far from a full rehab. 

It links to our business bank account and our business credit card so come tax time, deductions should be easier.

Owning has advantages that LL does not such as no vacancy, typically lower maintenance/cap ex versus being occupied by tenants, and often property tax breaks. 

Most of my renters are nurses, engineers, and tax payer funded employees (Government workers). 

The property was rented and generated $160 cash flow after mortgage, taxes, insurance and property management fees were paid.

Is your DSCR ratio greater than 1-meaning are you cash flowing (according to the lender's criteria of mortgage, property taxes and insurance (and HOA) if applicable).

Property taxes are also insane.

Credit is a factor as bad credit may limit options, or may have the lender require you to put 10 or 20 years of taxes and insurance into escrow. 

Another downside is you loose on the advantages, of the Federal Tax Code, by not closing in the name of a LLC (you can elect to have a LLC taxed, as a S Corporation which is a whole other conversation).If you want to close in the name of a LLC, Mortgage Lenders will offer you Commercial Loan Terms (25-30% down, a 15-25 year amortization, and a ballon due in 5-7 years).

For example, you could create a weighted structure where a percentage of profits is based on cash contributions, and another portion compensates for rehab or management efforts.Rent Payments and Tax-Free Profits:If you structure it as an owner-occupied property, the rent you pay could be shared proportionally, but tax-free gains on resale may only apply to your share, as you’d be the owner-occupant.