I found a big lot in Splendora Texas. but the owner tells me I can't develop it because it is in the floodplain.

The previous owners had inherited the property and realized they were in over their heads managing the apartments.

The previous owners had inherited the property and realized they were in over their heads managing the apartments.Long term goal is buy and hold for cashflow.

I have 5 properties/15 units (4 SFHs with 1 local, 3 out-of-state and one 11 unit local with co-owners).

However, it is one that I've seen come back to bite many property owners.

Will it be sold to an owner occupant or investor?

Owner-Occupied Property in Texas: Will I need a property management license if I owner-occupy the property in San Antonio, Texas?

Part of the ADA requirements for a service animal, is that the animal always be under the control of its owner. 

If you want to operate as a co-host, you'll need the property owners name on the lease and the rent payments need to go directly to the owner.

What I am unsure about is if the whole 60-40 rule around payroll deduction vs owner distributions within an S-Corp can still apply in this situation if the filing entity will only be the S-Corp but the payments are made out of LLC #1, the disregarded entity owned wholly by the S-Corp.