You can definitely do this in Phoenix, but be prepared to be hands on. 

Specifically, has it changed their tax preparation bill since they can't just send their Quickbooks file over to their CPA?

That fills your unit for the winter and buys you time to prepare for the next time.

They are making all kinds of excuses now that they've been 'caught with their pants down'....I saw a few minutes ago that January is the month they 'test their hydrants'.

Hi Ben, doing this for 20 years, I’d say if you move forward, refinance your two rentals to the max they can handle under a stress test for mortgage payments.

So many folks are out here touting making millions with $0 down and you proved that even with all the due diligence and good investing sense, you have to be prepared and take risks that are proportioned to what you can withstand.

Of course, nobody wants to be the test case, but I've never heard of IRS treating money from a loan as income, ever.I think you would be better off with a long closing date on the purchase and sell your exchange property fast so you can do a conventional 1031, receive conventional financing with one set of start up fees/costs, etc.

A failed pressure test or known electrical issue would prohibit this@Shelby Ek  If the the property did not fail the FSM pressure test, a buyer would be able to turn on the water

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This could free up more cash flow to reinvest in your deals.But here’s where it gets interesting: making the transition to an S-Corp can require a more organized financial structure, which includes separating your accounts, keeping clean records, and being prepared to pay yourself a reasonable salary as the business owner.