If you report as a Schedule C, it won't hurt you, if you are a corp it will hurt you because it gets deducted before you get to your bottom line which goes to you via a K-1.To quickly address the 401k component, if you're reporting as a corp, the employer portion of the contribution will hurt you and the employee portion will not hurt you since it is on your paycheck stub.Not sure exactly how it would work if you have a 401k AND you report on a Schedule C.Of course, I would talk to your CPA about this further.

Hey, thank you so much, I’m in Marconi International University, but if you want, give me the contact of your realtor, maybe he/she can help me!!

Cash flow is only one component. 

However, I was hoping to get more applicable thoughts from you locals.I will admit, though the units I have identified do cash flow enough for my needs, I am concerned about the appreciation component of condo's in that area.

Working for someone as intern “for experience” I have not thought of I will reach out in my town and see who would take me on next fall.

The best option may be to volunteer or intern possibly unpaid to learn the skills you need that way once 1 year rolls around you will be ready to go.

If it is not the estate, in my opinion their interest in the lot is goneThe first transfer could have been internal as I outlined above.  

I am now under contract to purchase a triplex using my VA loan with a tehab component, where will will live in a great home in one of the most desirable neighborhoods around, while renting out the two units in back. 

What is the current condition of the property's structural components?

I note that you asked specifically about “cash-flows”, which has multiple components each treated differently for tax purposes.In general, you can start with NOI, next you have debt service and cap ex, which can get you to cash-flows.The interest portion of your debt service is tax deductible (possible subject to limitations) and the principal portion is not because you get basis in the asset for the loan principal, which generates a depreciation deduction.Similarly, cap ex is generally not deductible currently but the expenditure is capitalized and depreciated, similar to the initial basis in the asset.In summary, you have cash and non-cash tax items that cause your taxable income to differ from your cash-flows and taxable income * tax rate determines your tax liability.