You would have ongoing filing requirements with the State and would need to keep business records and documentation.You also want to look at whether a pass-through entity helps your bottom line and your taxes.

So if your DTI excluding rental properties is D/I, your existing Sch E rental income is $4000/month and ongoing Sch E rental expenses (do not include amortization of expenses already incurred or depreciation) plus current rental PITIA payments are $3,600/month, your new purchase rental income is 75%*$2,000=$1,500/month, and your new purchase rental PITIA is $1,800/month, your new DTI would be (D+($1,800-$1,500))/(I+($4,000-$3,600))"Rental Income Worksheet – Individual Rental Income from Investment Property(s) (up to 4 properties) (Form 1038)"

It will provide you ongoing income.

Are you planning on going back to Iowa? 

While in that unit we deployed to Iraq in 2003.

When I started as a new agent, I had another business I ran full time so I consumed a lot of training in evenings and weekends, something that wasn't possible with in-office training other places. 

We are debating on going with a small local bank or a national mortgage branch for our lending process.

So if you plan on going this route you'll need to start reaching out to people in your circles and explain what you are doing.

I would only build 4 first and see how the market responds and make 1 as a show home to pre-sell the new ones.Also, will people be deterred to buy the first batch if they know there will be on-going construction right in front of them for another year? 

You may wish to confirm that the new 401k provider will handle the ongoing compliance support such as any required 5500 filing (e.g. 5500-ez for a one-participant plan with assets in excess of $250,000), any required tax reporting (e.g. 1099-r in the event of a distribution or in-plan Roth conversion), mandatory plan updates and amendments, etc.4.