However, the truth is that once you become sophisticated enough in the field, you will move at an exponentially faster rate.

We had a maintenance guy who ran right over and took care of it with in our payroll, our amount. 

Can some more experienced and sophisticated persons tell me if there are circumstances under which it might be a net gain to quit my state job earlier?

Most apartment owners are fairly sophisticated.

She explained that s-corp helps reduce the amount of self employment tax by passing some of the income as dividends which doesn't have SE tax, but since rental income doesn't have SE tax that this benefit doesn't apply and instead the "reasonable salary" you must pay yourself, would incur payroll taxes.

Furthermore, what are your thoughts as it relates to paying payroll taxes on the handyman (any any other tax liability that I may be subjected to)?

You're a sophisticated investor and I doubt if the risk would cause you personal hardship. 

If it doesn't close the cash flow keeps coming and I made an extra 500k.The larger properties you usually have very sophisticated sellers that simply do not go for this type of stuff.

At the same time also wear your sophisticated Borrower hat and talk about realistic options with your Bank.  

.)= Total IncomeAnnual Expenses:+ RE Taxes (usually use 3% increase over last tax bill, but make sure your area won't reassess immediately upon the sale at the new price, which could drastically increase the taxes)+ Insurance (my rate is about $200/door....yours will be different, talk to your agent)+ Management Fee (3-5% depending on size and company used)+ Administrative costs ($150/door)+ Payroll ($900/door, but the smaller the complex, the higher this cost usually goes)+ Marketing ($125/door, again it depends on the property size and market)+ Utilities (usually do a 3-4% increase over the past 12 month total)+ Repairs/Turns/Contract Services/any maintenance (depends on the age, I buy late 60's to early 70's vintage stuff and usually spend $750-800/unit....this goes down as the property is newer or renovated)+ Reserves (this will depend on your financing, but I place it above the NOI line here because if the bank requires it, it is an upfront expense monthly....usually $250-350/door)= Total ExpensesNOI = Total Income - Total ExpensesThis generally works well for properties 20+, but might not work so well for smaller complexes.