Things down here seem to move at a more ...relaxed pace, haha.Retirement areas can be found all around, though Sun City (NW of Phoenix) and Sun Lakes (SE of Phoenix) stand out in my mind.

Don't sweat it...just keep good logical records and track expenses appropriately because some income will be treated as SE (self employed) and the other as rental.

@Celeste Nadal, to me it's not about 'section 8' per se, but rather who is the tenant and what is the character and background. 

I've never actually been able to obtain a list per se.

A business is not really a tax shelter per se but does allow for many tax benefits that would otherwise be unavailable.

For all intensive purposes you are considered a US citizen.You will only be subject to SE taxes on self employment income or certain pass through incomes from partnerships.If you start an LLC you are not going to have to worry about estate or self employment taxes anymore than you would have had you been here.As far as estate taxes those will apply when you pass and how much in assets you are leaving to your heirs.

I second the idea of getting some foundation contractors or an SE in there to look at it, if you think it's worth pursuing.

Again you (not you per se but some REI's) often believe they know from years of experience what a re-hab should cost (what maybe 5-7 projects).

Now, you as the receiver of the 1099 will pay SE taxes, so if you are also the owner of the S-Corp the whole situation is tax neutral, but the IRS will still come after the S-Corp for not following the law.Issuing a 1099 to the owner of an S-Corp could also be border line fraud.

but i can see in the very least the interest at least would be to avoid SE tax so hope it works out for u via a tax professional