Making S-corp. election would be different story, actually it could reduce your tax liability since you won't have to pay SE tax on the entire earnings but only on reasonable salary corp. will pay to you.Contributions to 401K can only be made with earned income, so if there is no income - you won't be able to contribute. 

I agree with Jason, but you might be paying SE taxes on top of ordinary taxes as ordinary income( not short term capital gains). 

@Byran Hyatt, great schools in East Lyme:https://www.trulia.com/p/ct/niantic/34-36-lincoln-...Deep River and Essex are also wonderful:https://www.trulia.com/p/ct/deep-river/91-w-bridge...https://www.trulia.com/p/ct/deep-river/10-high-st-...https://www.trulia.com/p/ct/essex/7-high-st-essex-...https://www.trulia.com/p/ct/essex/50-s-main-st-ess...https://www.trulia.com/p/ct/essex/55-s-main-st-ess...Schools aren't as good in Stonington, but it's my absolute favorite town in SE CT:https://www.trulia.com/p/ct/pawcatuck/63-moss-st-p...https://www.trulia.com/p/ct/pawcatuck/45-pawcatuck...

From your market SE might be easier commute.

Even if you had net rental income, it would not be subject to to SE taxes(Similar to FICA for salary ).

An LLC is a legal entity that has nothing to do with taxes.Your LLC per se is non existent for the IRS.

I dont really estimate capex and repairs per se, but my condos have way lower capex and repairs compared to my single families.

Sounds like you’ve gotten some good advice here-I’d also suggest considering Oregon City to the SE of Portland.

Not saying buy turnkey, per se...the returns usually aren't great on those. 

Then, the net income after the salary is not subject to SE income.