While on the topic, an S-corp will never save you anything on your rental properties, among other problems it may create, so don't place rentals into an S-corp.Form a C-corporation.

@Tinia JamesIf you receive a 1099 showing income from one of your deals, you have to file a Schedule C to report that income.

J F C...I suggested the video to illustrate the mechanics of it, not for people to nit-pick it to death!

Quote from @Levi Perl: Have a class C property. 

Now these would be A and B  properties not C or D class  

Offer a $10 monthly credit for a laundry service like Poplin (they charge $1 per load)C.

Loan C: Capitalized interest reserve with an 80% LTC loan.

Start with B-/C+ properties for Cash-flow so you can buy the class A and B properties for apprecation.

@Allan C. is correct in using your high income to quickly get your seed money.Target appreciation: Look for properties in up-and-coming markets or those with potential for renovation to increase their value.

While on the topic, an S-corp will never save you anything on your rental properties, so don't place rentals into an S-corp.Form a C-corporation.