A, B, C, or D neighborhoods?

@Mike StadelI'm assuming the LLC is solely owned by you and has the default federal tax classification of 'disregarded entity'.If this is the case you would not file a 941 as the owner of a disregarded entity is not and can't be an employee (i.e. can't issue himself/herself payroll and W-2).The only way the LLC could accomplish this is by making a C or an S election."

This this a B, C or D class neighborhood?

@Linda FordThe decision to make a C or an S election is a calculus that you should definitely engage a tax CPA/EA for.There are qualitative and long-term quantitative factors as well. 

There can be tons of money in new construction.

Your EM is a bet on yourself to be able to close the deal.

@Stephanie ChoiCongratulations on the condo purchase.BRRRR is Buy, Rehab, Rent, Refinance, Repeat - With that said since you are holding onto the property and expecting significant appreciation to occur - you do not want to hold it within a corporate vehicle(C or S).WIth that said - you likely want to hold it in an LLC; but you should consult an attorney prior to doing so.If you and your boyfriend are not married, the LLC will be required to file a partnership return since it has 2 members.

Multi Family is still very hot here and the properties you'll find in that price range are C or D level duplexes. 

What area (A, B, C, or D areas)?

Lots of C- or D hoods.