I've found many properties with title issues wind up with unpaid property taxes so checking on delinquent taxes, tax deed sales and lands available for taxes might help you identify some.

If so, there are no transfer taxes due. 

Rentals generate passive income, so an S-Corp offers no added tax benefit.

Use umbrella insurance as an additional safeguard, especially if you opt not to form an LLC.Avoid S-Corp taxation for rentals, as rental income is passive and not subject to self-employment tax. S

If you use a urinal at a Cleveland Cavaliers game go ahead and place a business card on top of the urinal.Wear a name tag everywhere you goGet a name tag that says Realtor with your name underneath it.

Joint tax return?  

Yes, you will have to file the partnership tax return.

Attractive Tax Environment for InvestorsGermany offers favorable tax policies for property investors.

Be sure to hold a hefty reserve to handle on-going maintenance, capex, taxes, and insurance.

California does not recognize Real Estate Professional (REP) status, but you can still claim it on your federal taxes if you qualify.