It has a great outdoor patio and yard area, and a very large shed that I envisioned turning into a bar/hangout area.

They are amazing - wonderful product offers a nice direct access experience for the resident along with a small patio.

I added a WOW factor big bottom freezer fridge, may or may not be needed.If it were mine, I also might put in inexpensive sliding glass doors in the kitchen and living room in place of the windows, to let more light in and to open up the spaces to a paver patio or deck. 

-inspected crawl space -replaced wood deck rail that was rotted and re-painted deck (last painted 3 years ago)-soaked shower heads in CLR-added fresh sand in paver patio-changed home air filter and left new renters with 3 new filtersAnything else you do regularly to your rental properties??

S-Corps are best for businesses that generates ordinary income.Wholesaling generates ordinary income.

Real estate lets you pay less taxes on both your passive income and ordinary income which can be a significant advantage, especially for those with a net worth under $5 million.

She suggested separating the two, creating another s-corp. 2) Last year she put the properties that I purchased on form 4797 under ordinary gains and losses.

However, when bought a rental last year and I suggested this to my property management company they acted like it was out of the ordinary to ask someone to sign a year lease.

What we are thinking, at this point is pressure wash and paint the long side of the concrete one color, making the cement area between the carport and shed a patio area with table chairs etc. 

However, there is some accounting overhead/charges required with a S Corp so unless you are really making a profit, its not necessarilyworth it.The issue with flips is the irs considers it earned income subject to self employment taxes and taxed at your ordinary marginal rate.