Each situation dictates its own parameters...cost of acquisition, how difficult it will be to find tenants for the space, functional obsolescence, etc  What I do know is there is a correlation between sophistication of the tenant and what variables they are willing to accept.  

That's relatively sophisticated and reserved for clients that have a track record/relationship with the bank.

In our state, if you don't have track record or unsure of how much you'll do on payroll, there's only one who can insure you, a state sponsored WC company.

Naturally if the company pays you a salary, you will pay personal income tax and there will be payroll taxes for the company,  However, if the company pays you predominately via dividends, then you would pay a lower personal income tax on that amount (subject to minimum tax).Best to sit down with an accountant and, perhaps an attorney, to see how an operational company could work for you.  

Payroll, bookkeeping, etc can mostly be done remotely.Here is a great list of questions to ask a potential accountant:http://www.biggerpockets.com/forums/51/topics/70447-questions-to-ask-a-cpaAlso check out the www.NAEA.org page in your search.

I don't give any tenants leeway unless they 1) Have a well established payment record with ME, at least a year) and 2) Their reason being late can be documented and is beyond their personal control (payroll change over of companies, personal robbery, medical emergency of the tenant not a family member that leaves them incapacitated).

Most people (myself included) aren't sophisticated enough to be hip to every possible investment at all possible times, so getting too crazy is something like what David (well, Warren) mentioned as a fool's folly.

As a savvy businessperson, you could then simply reinvest all profits back into the company (i.e. increase your expenses) and pay yourself a salary rather than dividends (which loses a bit for you since you would have to cover the payroll taxes, but better than losing it all). 

Hey Tom, Ditto to all the above, and while we're talking about the P & L you received from the seller, if he didn't include the Management (5% of Gross) AND the payroll to run the facility, you need to add that back in.  

If you'd like I can get more detailed answers if you give me till tomorrow to find outS-Corps do offer tax savings when it comes to payroll, not income tax.