Nicer places in nicer areas are great, easier to rent, and usually less work to maintain but if your just going to break even on a 30year note its not really worth it in my opinion unless your in an area where you expect to see a lot of future appreciation which is always speculative at best and even more so on a multifamily where the income will always dictate the selling price. 

I don't think it can be as easy as just getting my commissions deposited to the business account I will open when the LLC is formed to get a tax break, so what would I need to do exactly to get the most of this and not be looked at as a "disregarded entity"?

I purchased one recently for $6K but its in a small town, and yes its flawed, but nothing i cant deal with, I will put $4K in and have a rental, but in big cities, its a totally different story, id imagine its in a "D" area or worse, if i gota wear body armor, to go there I wouldnt want it, just my 2 cents.

@Matt F. even if you just sat on it there are still some costs (taxes, insurance-maybe) and right now scrap metal prices are so low (add to it that new plumbing is less copper and more PVC & pex) breaking in might not be worth it.Then there is the question of how long to sit on it as there is no guarantee that a supposedly up and coming area will come up to the point where fixing up is profitable.

Hard not to drop five to ten pounds painting a fourplex in summer...and you can go cross fit with a full body snow snow shovel in winter.

Taylor Johnson thanks for reaching out.Yes I've met/spoke with a couple people from body wealth builders/specifically mandrel co.

If I break even on the house it's then possible to make a profit of 70-140k on the sale of the empty lots.What would you do??

If you continue to allow the president of paying late you may have difficulty or add complications  eventing later if that becomes necessary since YOU allow the tenant to continually break the rules.

@Chuck Webb don't want to break any rules.

The best case scenario that you have described is a break even which to me is not a win.