However, this is where investing in RE is different than stocks ... with stocks you do your research and can buy and sell, but other than that you give up control over the investment ... in REI, you maintain control over the investment ... you can actually force the value to go up via remodel, you can force the income up if you buy with under market rents, etc.

I did an inspection on the house 2 weeks ago and found the place very clean and well maintained.

S-corps are more time consuming to maintain than a LLC. 

Every time you set up an LLC you need to keep it active and maintain corporate formalities.  

If one of you already have a high paying job, maintaining the partnership to allocate the SE income to the spouse that already has W-2 above the 128,400 income base could save you 12.4% of SE taxes. 

Keep in mind, loans to entities will be more expensive to acquire and maintain than personal loans. 

Under rent control you do the bare minimum to maintain the unit in operational condition and no more.Get tough or get out.

@Brent CrudeYou do not need to issue stock when transferring in a property.That said, when you invested in setting up a 2-tier LLC structure, presumably for asset protection, it's probably a good idea to invest in professional legal advice on how to maintain it, to preserve such protection.

Carrying charges, such as interest and taxes, that you pay to own property, except carrying charges that must be capitalized under the uniform capitalization rules; Research and experimentation costs; Intangible drilling and development costs for oil, gas, and geothermal wells; Exploration costs for new mineral deposits; Mining development costs for a new mineral deposit; Costs of establishing, maintaining, or increasing the circulation of a newspaper or other periodical; and Costs of removing architectural and transportation barriers to people with disabilities and the elderly.

But not everyone wants to maintain a lawn and it looks like that would be pretty hard in that yard.