Just to throw this out there as clarification for anyone reading this thread, the IRS defines the Basis of Assets in Tax Topic 703 as follows:"Topic 703 - Basis of AssetsBasis is generally the amount of your capital investment in property for tax purposes.

After doing some further reading and researching I have come up with a more defined business plan. 

After doing some further reading and researching I have come up with a more defined business plan.

This is definately something I look forward to doing in about 10 years. 

Esri defines 67 unique classes of US hoods with regards to A-D class. 

However, I can't stand paying someone else my BAH when I could be paying off a mortgage and building equity.Thanks again and I will definately check out your podcasts. 

But buying and holding real estate, liens, notes etc is NOT transacting business.In the case of Memphis our advice came from the Tennessee Secretary of State:The Tennessee Business Corporation Act (TCA 48-11-101 et. seq.) does not define “transacting business,” but does provide the following non-inclusive and non-exhaustive list of activities that do not constitute transacting business in Tennessee: Maintaining, defending or settling any proceeding, claim or dispute;Holding meetings of the board of directors or shareholders or carrying on other activities concerning internal corporate affairs;Maintaining bank accounts;Maintaining offices or agencies for the transfer, exchange and registration of the corporation’s own securities or appointing and maintaining trustees or depositories with respect to those securities;Selling through independent contractors;Soliciting or obtaining orders, whether by mail or through employees or agents or otherwise, if the orders require acceptance outside Tennessee before they become contracts;Creating or acquiring indebtedness, deeds of trusts, mortgages and security interests in real or personal property;Securing or collecting debts or enforcing mortgages, deeds of trust, and security interests in property securing the debts;Owning, without more, real or personal property (including, for a reasonable time, the management and rental of real property acquired in connection with enforcing a mortgage or deed of trust if the owner is attempting to liquidate the owner’s investment and if no office or other agency, other than an independent agency, is maintained in Tennessee);Conducting an isolated transaction that is completed within one month and that is not one in the course of repeated transactions of a like nature; or Transacting business in interstate commerce.We have set up hundreds of clients in 9 countries so we make sure our advice is good.

If there was any harmful  mold detected I would immediately remediate.The safety and well being of my clients is important to me - and even more importantly:  it is the Right Thing to do.And also, a standard measure in Law is defined as:  What a reasonable man would have, or should have done.  

Well that would depend on how you want to define "better".Each place will be better for different approaches and for different goals.For the other part of your question generally FL will be cheaper.

To determine the additional depreciation on section 1250 property, see AdditionalDepreciation below.Section 1250 property defined.