But I'll mind my own business now. 

Their business still needs to grow up. 

May negative cashflow until fixed.3) Buy established business: assuming you mean something other than real estate related.

Does anyone know about Tupelo for Business?

Quote from @Gregory Wilson: A few things there, Brendan.First, an LLC with you as a member and your (wife, son, pal, etc.) partner as a 1% member will file a Form 1065 which is about one tenth as likely to be audited by the IRS as a Form 1040 with a Schedule E rental activity (which I presume you will attempt to show is an active business).Second, you want an LLC because when your local Alabama handyman drives his girlfriend's uninsured truck into a van load of U of A medical school interns on I-22 when he goes  to get some shingles for your roof, on your business, you don't lose everything you have or ever will have to an uninsured claim. 

Same principles apply - being busy will create opportunity. 

I run Forged Home Buyers, a San Antonio wholesaling business, and my business partner is an agent with Virtus Realty. 

I have known exactly one in my 10 years in the business.

We both run our own businesses but we feel that real estate will help make sure we both maintain our life plans of not needed to work as much any more.

To make taxes easier we set up a business checking account and had all the rent paid into that account and all the expenses paid out of that account.