Discover your advantages, and disadvantages and set your rent accordingly.  

Would a CPA or an attorney be better suited to cover/explain the advantages and disadvantages of LLCs vs.

And if the losses were recorded and used/captured during the hold period then the LPs will still pay more taxes than saved because depreciation recapture is taxed at a higher rate than long term capital gains rate.I don’t think real estate investing offers any unique tax benefits (except for people with REP status who are slogging their a$$es harder than W2 employees, which doesn’t necessarily mean they are earning more), though it definitely offers some unique tax disadvantages.

Few disadvantages I can see here are : 1.

If a property has several offers and all of them are pre approved besides you, it already puts you in a disadvantageous spot. 

Because it's so small, I feel like we're already disadvantaged when asking for good rent (rentometer implies $1200 would be on track, more would be a stretch).

That said, there are disadvantages to being entirely remote that you should consider.

.- Familiarity with Legal Structure of partnerships and advantages/disadvantages of various taxable entities.- Offers proactive guidance in tax planningMy partner and I are both located in the Bay Area, but location does not matter! 

I feel like they all have solid advantages and disadvantages, but I’ve been leaning towards a Corp and don’t know if I should just register a C Corp/change my current LLC or just register my LLC as an S Corp.

You might save a little in closing costs if you were going to get 2 new mtgs anyway but then it’s a disadvantage if you ever want to refi or sell one of them.