Amount of financing (or lack thereof) is irrelevant; has no tax consequence.4.

Thank you all for your responses:I just recently obtain my license, and I'm just starting to build my database for potential clients, but no I do not want to just simply be an agent.

Sounds like that's your plan.You didn't mention the age of the home, but with regards to expenses, most simply fall back to 50%. 50% of gross rents will go towards expenses including taxes.

The name C Corporation is used only to distinguish one taxable entity from another taxable entity (there is no Subchapter C, which governs how a C Corporation is taxed.)Because the "S" simply refers to a section of the tax code, choosing to tax an LLC as an S Corporation affect ONLY the rules used to tax the LLC - NOT the rules to form or operate an LLC, nor the rules that determine the liability of the owners of an LLC.LEGAL REQUIREMENTS & LIABILITYLegal Requirements:The rules to form and operate a Corporation are different from the rules to form and operate an LLC.

If this crazy idea of mine fizzles out and I decide to simply rent the house to a single family, what is the rental market like in Spring and The Woodlands?

It is simply growing.

Which has been denied because of lack of funds by the seller.

But I didn't like the terms of the current deal considering how much work the house needed and my own lack of experience at quantifying how much a major rehab would cost.

Is it possible that the feeling of a lack of control, based on your distance from the property, is making you paranoid?

It's simply locking up an option to lease option with a seller & assigning it (usually to the tenant buyer, but sometimes back to the seller).JvM