My mgt co is an s-corp but I've seen some that are LLCs and elect to be taxed as an s-corp.

Adam, a little more context please, I assume you meant to wholesale it, right?

Ours was cashflowing $1000+ while living in our own house (just like Craig Curelop did), which meant that we had to live with 5 roommates and give up some comfort.

@John Underwood  That's not quite what I meant. 

For starters, I will be completely shocked if Biden gets elected.

I said 3br before I meant 4 sorry about that 10x180x4=7200minus vacancy (which can be higher than just 5%) so say 35% to be conservative = 2520=4680minus mortgage, tax, ins (about 2300)=2380 minus utilities =1500 (niaf)asking price are all around the same amount within 2-3 thousand .. looking at 500k, 20k down loan amount 480... even with my math there is still profit but i feel like that's a big purchase for a first timer... let me know guys 

Just meant that I wasn't charging any extra interest on it.

Understand if it would be best to go for low rates to minimize long term fees or shoot for maximum cash flow, considering goals above, timing on rates, and the potential shift of housing prices through an election year and uncertain economy.

So to sum up - yes, you can make an election to report on the accrual basis in which case you do write off unpaid rent and late fees, but only after you have already declared that as income (making it a net wash) OR you elect to report on the cash basis in which case nothing exists until money exchanges hands.You cannot flip flop between the two methods. 

Not saying owners do this......lol, but financials are meant to make it attractive for buyers, but schedule E’s are to make it unattractive for the IRS.