use several coats of oil based sealer such as Kilz and repaint . run an ozone generator for several 3 hour treatments over a weeks period .then febreze the place .

I wants to address 2 major concerns. 1) Liability protection 2) Tax Savings both are important.Issue #1: Eligibility for S Corporation Treatment: I have been told that Loss of eligibility can occur if the S corporation receives too much passive income. so in my case I am creating rental leases on my S-Corp name and not on my personal name. is that OK or my S-Corp is in trouble?

I've made the mistake of giving out special treatment before and it's unrewarding. rent is due on the first, eviction starts on the 5th. carve that in stone and drop it on the front lawn. it's NEVER changing.

The treatment may change from one year to another.

You may not 1031 into a REIT however there is a product similar to a TIC called a DST (Delaware Statutory Trust) that qualifies for 1031 treatment.  

How about a replyCarlos- How do I go about getting the same treatment ?

If you deliver a pest free home at time of lease contract, other than termites, it should stay that way; however, ants are common so most landlords will agree to pay for such treatments.

@Joshua Price - while bait stations may have some merit, as Account Closed mentioned is no substitute for a professional inspection and treatment in my opinion.  

Keep in mind too that the IRS and states have requirements for installment contracts and equity provisions causing specific treatment of contracts."

Get a few quotes and give them red carpet treatment.