@Cheryl Vargas Local employers with 1000+ employees (in descending order).US Army, Huntsville Hospital, NASA, Huntsville City Schools, Boeing, Dynetics, SAIC, Madison County Schools, City of Huntsville, Northrop Grumman, University of Alabama in Huntsville, ADTRAN, Polaris, Toyota, Hexagon, Alabama A&M University, Crestwood Medical Center, Madison County Commission, Science and Engineering Services (SES), Madison City Schools, AT&T Alabama

I literally had a T shirt made this week that says "no rentals in S corps" Rentals don't pay self employment tax. 

But once you obtain a bond and the lien is removed from title then they will have no issues for the closing.

At this moment, I'm expecting to be able to obtain it for around $140k and the market analysis shows that it'll appraise for around $200k. 

I am an engineer and not a CPA, but...I have recently gone through an IRS audit of 3 years of returns dealing with a handful of SFR's and one new STR.The STR was 360 mile R/T from my home at a Beach location. 

And although Im super hesitant to use this figure in my purchase decision, my realtor comp-ed them out at 750k ARV.Last Years Actual Rent Paid: 62,777 Last Years Gross Rent Billed: 109680 Pro Forma Rent: 110,000 - 140,000 based on minor improvements/cleanup and then rent increases/tenant removalPITI: 5500/month. (66000) P 1600 + I 1300 + T 2000 + I 400Expected Vacancy and unpaid: 15% (16500)Maintenance + Capital: 10% (11000)Net currently: -4000 Net Projected: 31,500Projected ConC: ~100% with 25k down and 6500 closing costs.Thank you for taking the time to look at these numbers.

@Arthur T.

Do a quick forum search for differing opinions; there was also a GREAT rookie podcast a few months back where they interviewed an asset protection lawyer ( Rookie #105, Brian T Bradley). 

I will be turning 18 in a couple of days  I only have 4 months of solid work experience so far, what is another way I can obtain a pre approval letter for hard money with limited history in work, and no experience in real estate?

Since there is no custodial requirement for the 401k, you don't need the additional expense and administration of an LLC to obtain checkbook control.