Quote from @Joe S.: What’s your definition of an expensive repair?

It's a 1972 ranch with a superb location with elevation and views of almost the whole west valley of Phoenix and specifically downtown.

@Brian J AllenI'm sorry, but it doesn't take an underwriting whiz to realize that a 1920's home generating 6k per month is way overpriced at 720k.

Question: should I be starting a real estate business (LLC, S-Corp?)

If you ever plan on doing this later in your days, you could always do a management company and just expand on that, but I can tell you from my own perspective  that LLC – S and being W2 employee under that may limit some of your lending aspects, but it protects you around the world anywhere you go further if it comes to it, you can bankrupt your company, sell the assets and open another company the same way and you’re still protected through and through. as my wife is a high earner, it really protects her from civil suits and other things like that or anybody that ever comes to maliciously take what is yours.

Quote from @Jeff S.: Old Portland duplex with single water line.

Would look at the transit systems going N/S/W and build and buy outside of town along the tracks.  

I went with my local for a better CS and hands-on of my account(s).

Normally, people open a S Corp instead of an LLC so that they can pull a salary from the S Corp and save on taxes.

These are the two hot zones with elevated rents due to their proximity to ASU Tempe.