Electing S corp status for an LLC may provide some additional tax savings by characterizing income on the corp return before passing it through to the personal return.For tax purposes, just having an LLC without an S-corp election, is the same as not having an entity at all at the Federal level.

Peter Jetson -This is for MF but will give you some idea.From the web -“The grades can sometimes be more of an art than a science, the property class’s will typically be characterized by the following:* A Class properties are newer properties built within the last 15 years with the most amenities, highest income earning tenants, lowest vacancies, and will typically demand the highest rents with no deferred maintenance.

@Jason James How would you characterize the neighborhood?

All of the above is earned as Roth characterized income, tax free, other than the rentals. 

Basically 6 of one in exchange for a half dozen of another, and that's not taking into account potential adverse characterization consequences and limitations on ones ability to claim bonus appreciation.1031 potentially defers all of your gain including the gain attributable to the properties appreciation as well as the gain attributable to depreciation recapture.Maybe I missing something? 

(d) Items of LimitedLiability Company loss, deduction, and expenditures described in Code§ 705(a)(2)(B) which are attributable to any nonrecourse debt of theLimited Liability Company and are characterized as partner (Member)nonrecourse deductions under Treasury Regulations § 1.704‑2(i)shall be allocated to the Members' capital accounts in accordancewith Treasury Regulations § 1.704‑2(i).

Agency loans (non-portfolio) are characterized by back end profits from Fannie/Freddie, which (being that they are now gov't run) amounts to a big fat subsidy from the taxpayer.

So, we'll see how that one comes out. c) Again no admission of this either.Most of us are on the same side of the bias issue, but I personally, have issue with how this specific case has been characterized and promoted with little regard for the actual unbiased facts.

Again, I feel either my explanantion was in need of better details, but I feel your characterization of me and my business is totally wrong and served to paint me in a bad light.

Only one (the 11th) has ruled against that principle, and even that case can fairly be characterized as an anomaly unique to its particular facts.