When you sell a house and you receive several offers you can select the offer that you view as the best.

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But since the walls did get painted and the shades were off, I could potentially see where you would be responsible for that. 

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Keep in mind allocation of income and distributions must be made prorata according to equity ownership if an S election is made....otherwise you bust the S Corp and revert to C Corp.

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I've narrowed my strategy down to two routes: send mailers out to my county tax delinquent list, or select a neighborhood that is mainly vacant but is fully platted and has some new construction popping up (there is a specific neighborhood I have in mind). 

If you are looking for deals between 5 and 20 units the selection is much smaller and those that do come on market are usually not amazing returns.

I would recommend you spend some time in the blue shaded areas, so you get a sense of what you are getting yourself into.

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