With an S-corp you are required by the IRS to put yourself on payroll, pay reasonable compensation wage, and provide yourself a W-2 along with all other necessary payroll filings. 

We are an all in one team… Licensed agents, manage hundreds of doors, in-house maintenance (on payroll) single family and small multi family properties.  

Our current staff would take on the new portfolio so we would not incur any additional payroll expense. 

Allstate (captive) is not a good place to be if you need any sort of sophistication with your risk management

Then, there are other people who are quite sophisticated with their structures and choose to invest money on the structure (you'll hear references to Trusts)...and then you'll have people talk about piercing the veil....and you'll hear some people say that as long as you have enough insurance, you are fine....and others will say that you have to be careful about relying on insurance to protect in all matters.

Most deals are not going to cashflow, as real estate is a very popular asset class and because of that the market is full of buyers who are not sophisticated and accept sub par returns, inflating prices.

My professional goal is to become a “sophisticated investor” and I am seeking any sort of Jr.

I believe for the more sophisticated investors, reasonable rent control (such as AB1482) will increase profits.  

Then, when I was ready I hired an internal manager on my own payroll to help out, keep costs minimal and the quality of rental and tenant up.

Sophisticated buyers can find the best deals (after the auction!!)