Connect with some contractors who can help you figure out what kind of rehab a property might need

It is common area and I assume you excluded it and would be entitled to be a guest of your son.

I kind of want to buy a Detroit apartment building - but can’t find a good PM that would touch it.

--> These values will often change what kind of PM company you use.- Understand the role of trust. 

The payments and receipts are good with buildium by dady to day accounting if you want a true financial statement kind of sucks and very klunky at best.

Interesting, I was aware of how they work in my state, but not about these kind of differences. 

@John BerjIf cash flow is a top priority, factor in HOA fees (common with new builds) and confirm rent comps to ensure the numbers work.

If electing S Corp status, pay yourself a reasonable salary to avoid IRS scrutiny.To be honest with you, you don't need any kind of Corp for tax savings unless you reach a certain amount of net income.

What kind of property are you trying to buy?

They are far more common now and harder to find models without but:1) these add cost to the purchase price2) they don't bring a lot of value3) they can leak or detach and damage the propertyI own around 50 doors and I cap off the line at the wall or in the basement with a valve and a cap so the potential for leaks is 0.00001% :-)