I'm wondering about servicing these after completion on a longer term basis following a DSCR guideline as they will be rented, and then selling them in a secondary market.

We also take our draws/income in a different proportion that what each of our Basis' are.One things that I have often wondered when people are thinking of doing the S-Corp thing to 'save on FICA' - I get that, in general.

An income account tracks revenue, while an operating expense account keeps daily costs organized.

I'm in a small town with nobody to really network with on a regular basis.

They teach ME things on a regular basis.

Of one unit is vacant, at least you have money still coming in on a monthly basis.

@Gary M caceres see if water company can give you daily consumption amounts, so you can figure out when it started - may help find the problem.

FICO, experience, and LTV are also factors but this is the basis of the loan.

My rentals are all over the place and on a yearly basis I make multiple and consistent visits to these places. 

They sold two appreciated duplexes in Dallas and we turned them into 8 units in Mesa, AZ with higher cash-flow, and much closer proximity to Southern California.I'll add to your Phoenix "pros" list:1) Landlord friendly rental rules2) Easy evictions in < 30 days3) Rents are rising faster (on a % basis) than many other metro areas4) Low property taxes (and the property taxes don't sky rocket after a purchase as they do in CA)5) Very low vacancy and extremely high tenant demand.