They held semi-yearly dinner invested in Small Business Administration approved mortgage and loans.

As well the city being a hub for the drug trade.5) Sure why not.

For example, there are some administrative legal fees I paid early on (notably: Having a lawyer draft up the PSA, and setting up my LLC which holds the title).If I ever get audited, what will the be looking for?

Company/employer contributions are made when taxes and books are confirmed to be accurate and total maximum amounts are verified by CPA and administrator. 

Just compare costs and the administrative differences. 

Starting an S corp now will just increase your administrative burden and tax prep fees. 

The fee they pay covers the administrative costs of updating leases and tenant ledgers as well as re-keying the property, to ensure the departed roommate does not have access to the unit once the termination goes into effect.  

He’s a felon, who took the principles he learned selling drugs and applied it to real estate.

If it is in a run down neighborhood full of drug addicts, it probably isn't worth it though.

I like the foreclosed homes that are moldy, have drug needles in them, and the electrical ripped out through the sheetrock.