Hello, we have an investment property in northern Minnesota that we have been trying to sell, we have it under contract and are supposed to close in a few days.

My understanding is that you should not operate a long-term rental under an S Corp.

Looking to hold this as long term investment and rental income. 

I'm about to go under contract on a home zoned as R-8, which according to Redfin is classified as residential multifamily.

2) Should we add the new tenants via an addendum or have all occupants both old and new sign a new month to month (m2m) contract?

That's the short explanation, of course the more data points to enter the better.

Would prefer longer term loan 60 months or so but can do short term also ie 12-24 months.

In terms of the Des Moines market, finding a multifamily in the $100-$150K would be extremely tough.

I have 2 long term rentals both at 7.5% interest rates.1. estimated value: $950k, outstanding mortgage of $574k2. estimated value: $900k, outstanding mortgage of $514k#1 cash flows nicely for me at $2500/mo, but #2 leaves me at a $400 loss each month, mainly due to the interest rate.

Since you are doing shorter term deals it appears, you may want to get creative with the accounting and structure to maximize profits.