I would still advise you to take a reasonable salary as well that is subject to SE tax.

Just make sure it cash flows and you understand all the expense you'll be responsible for.My first two properties have been essentially turn key, although not from TK providers per se. 

Basements are the issue specifically not necessarily the age per se.. basements leak !! 

Not being a jerk my man, but if I recently came into  a lot of money, but didn't want folks to know a lot of the details per se....I probably wouldn't go onto a social media website with my picture, first name, last name and city I live in and say that "I just came into a lot of money".

Ordinary income subject to SE taxes. 

I appreciate any/all advice.Current PositionPrimary Residence (Southern CA)- Between $100-150k equity - Sept will be one year owned, will re-appraise since we've improved the land, some of the interior and there's been fairly substantial appreciation in the one year)2 SFH Listed for Sale (MD and Northern VA) - Anticipate net profit $110-140k range (not bad for having only owned for 5 and 6 years and living in it for 1 year each)- Combined Total Sales Price - $850-880k- I expect to close mid-late Sept on NOVA property and no later than mid-Oct for MD property1 SFH in Northern MI - Has ~$30k equity - no plans to sell, may tap equity in near future for rehab and a cash out refi to invest elsewhereHere are the options I'm looking at:1) Use the profits to pay off some "bad" debt (some of the debt was for a $80k landscaping project on our 1/2 acre bare yard primary residence and the other was to do some rehab to our MD home to make market ready for quick sell so not bad, per se). 

There is no company per se.  

The reason it's a good deal is because there's some problem to solve at the property and after you solve it you can charge market rent.We have a duplex listed for sale in the Brooklyn Neighborhood which is close to where you mentioned at 3440 SE 8th Ave.It is becoming a little bit less of a seller's market in Portland.

I live in Kenosha and invest in the SE WI area. 

I do this because it is my goal to become a lender (owner-carry back loans), not a portfolio owner, per se.