If your CPA does endorse an S-corp, make sure to ask him about changing your business practices to comply with S-corp rules.When doing distributions, remember to leave enough money in the company account for future expenses, including paying the CPA.If you're planning to dissolve the company, I recommend prepaying the CPA before dissolving.

A lot of people think they can take on this tenant class not knowing that standard REI principles and practices do not apply to the D-Class arena.Did you ask him where he got the 1MM number? 

The problem is, that this seems like the sort of thing that would be a huge concern for most lenders causing them to either give me worse rates or no mortgage at all...So, I have 2 general questions:1) Is it possible / practical to get a mortgage without an active income source?

Also good to be in that habit for later on when you're sharing deals with others...If you're all cash buying and you have a reserve fund to backstop any expense on the house, then in practical terms you probably won't specifically earmark any of the monthly income "vacancy", but yes, it's still "in there".

I think the RE crash is imminent as Trump has practically  closed our borders  .

It takes years of practical experience to be accurate. 

Disclaimer: While I’m an attorney licensed to practice in PA, I’m not your attorney.

It is standard business practice.

Both can be done simultaneously as you seem driven enough. 

But point is that banks are completely OK with this as this is a common practice with estate planning - moving assets into trust that is LLC.