It's hard to classify an entire city a certain grade - to a certain extent.

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When we try to classify things as best and worst in this arena, inevitably prople think higher proforma cash flows are good, when they are in fact neither good or bad.

There are a few tax codes to pay attention to though and my wife and I had to weigh how to classify our personal home.

A CPA should be classified as a professional not an expert.

I was living on those classifieds sites snapping up whatever I could find that looked great and fit the comfortable family home style we were shooting for.

I'm thinking I should probably cut my teeth some more in the SFR world before trying to move to MF @Jon Klaus My suspicion is that I'm not accurately classifying the property, especially when it comes to age.

Where you classified as a dealer or did you find a way to avoid it? 

There are tons of military classify ads if you are looking for a military tenant!

If it is not considered to be a disregarded entity, then you should wait the 24 month period that your tax advisor has recommended.I'm guessing that you do not live in a community property state, which means that an LLC with a husband and wife as the sole members will likely be classified as a two person LLC (as opposed to a community property state where you would be classified as a single member LLC) and therefore a partnership for income tax reporting purposes (not a disregarded entity).This creates the need for you to establish the 24 month holding period to demonstrate that the two of you have the intent to hold the property for rental/investment purposes.