It should be noted that qualifying as a real estate professional doesn't guarantee rental real estate income will offset other net taxable income.It just allows a taxpayer to apply the material participation rules to rental real estate for a non-passive/passive determination.Consult your tax CPA/EA.

Seems a bit more difficult to list rooms as opposed to a whole house, but I guess I could advertise elsewhere and invite the applicants to Apartments.com to apply.

Also if there is anyone in Oklahoma who would be willing to give me more knowledge since I am located in Oklahoma I would love to work together and know the rules that Oklahoma applies to wholesaling since that is my starting point to get into real estate.

You can apply these same principles in California.   

Until then, the s-corp doesn't apply.

When a tenant moves out, transfer the deposit back to Checking so it's ready to apply towards expenses or refund the Tenant.If you end up with excess funds in the Checking account, I recommend you transfer it to a third account designated explicitly for future investments.

Here in Charleston, in order to apply for the legal residence tax assessment ratio, all owners have to provide copies of tax returns, utility bills, driver licenses, vehicle registration, voter registration, and the settlement statement/CD, along with an affidavit stating that all owners occupy the residence and do not claim legal residence anywhere else.

I tell everyone they can apply no matter what their circumstance and if they follow up with questions about why they were not selected then don't expose yourself by telling them their downfalls.Hope this helps.

I let all that season before applying for business loans.

Your child will apply for conventional primary residence financing.