@David Zheng"Salary" you pay yourself from a sole proprietorship or disregarded entity is just a non-deductible owner distribution.If you need earned income for Solo 401k, IRAs, etc, might be best to set up a Corp or LLC PM company and elect S status as @Ashish Acharya mentioned. 

If it is a single member, then by default it will be disregarded by the IRS unless you elect to have it taxed as an S or C corp.If it is a multi members LLC it will be by default seen as a partnership, unless you elect to have it taxed as an S or C Corp.Depending on the status you choose, your state tax treatment will be different too...

There used to be a President there, and he was signing on clients with the promise of being "personally involved in the complete transition".

Buy it, form the HOA and become the President.

@Mike StadelI'm assuming the LLC is solely owned by you and has the default federal tax classification of 'disregarded entity'.If this is the case you would not file a 941 as the owner of a disregarded entity is not and can't be an employee (i.e. can't issue himself/herself payroll and W-2).The only way the LLC could accomplish this is by making a C or an S election."

@Joe P.Yes, a dealer can use the installment sale with unimproved residential lots, as long as he/she elects to have interest charged under IRC Sec 453(l)(3)."

@Linda FordThe decision to make a C or an S election is a calculus that you should definitely engage a tax CPA/EA for.There are qualitative and long-term quantitative factors as well. 

There are tips there that I didn’t know... like being able to structure with an LLC but elect to have the LLC taxed as a Corporation.

The only step is putting it into the qualified opportunity fund and making your election to defer paying tax.

President, who values money that greatly as to be willing to take the foolish, reckless, and immoral steps that would be required to try to become filthy rich?