Not looking for anything fancy since it will eventually be fully tenant occupied in a couple of years, but want work to be neat, and look nice enough able to generate market rent.

The fix and flip would be great to generate even more cash.

For example, an 8% preferred return and a split of 70/30 (70% to the investors, 30% to you) for the remaining profits.Now, as you mentioned, the year 1 and year 2 net operating income may be lower due to renovations.

Lastly the plan is to keep it long enough to help generate the cash flow for other deals and as long as I can raise the rents it would a keeper.

After negotiations, the seller just submitted his final over.Heres the deal:$154,900 purchase price and seller agreed to cover all closing costs.Monthly expensesMortgage: $840Taxes: $50Insurance: $225Flood insurance: $60Vacancy of 5%: $107Cap Ex: $172Total monthly expenses: $1454All 4 units generate $21503 units rented out with me in the 4th generate $16251st year cashflow: $171/monthAfter I move out and can rent out the 4th unit cashflow: $696/monthWhat do you guys think?

A business is an entity that generates income and expenses and calculates a profit or a loss.The S-Corp he is proposing generates $0 income and generates expenses that do not benefit the S-Corp - they benefit somebody else's business.So the S-Corp is going to generate losses year after year after year. 

Was not sure where to post this to so if I am off topic, please let me know :)  The PDF generator is not working. 

I would assume it would be too time consuming to try to assess more specifically the operating expenses of each particular house?

EDIT: Our GC's likely do not operate at the professional level of Matthew Paul (above).

My backyard has been used for a family members wedding in the past, but I'm not sure about the liability of having someone I don't know that well use my back yard for their wedding.They could have a huge wedding tent set up, have the mobile bathrooms parked, and have all the caterers operating in my backyard.Has anyone tried this or have any advice as to if this is practical?