See link for reason why: http://www.biggerpockets.com/forums/52/topics/6804...I just use the regular Kwikset locks, and you only need to switch out the part that has the key cylinder.  

My understanding is that an LLC and an S Corp basically have the same tax rules in that their income flow down to the individual and they pay taxes on that income as if it were regular earned income (based on whatever tax bracket that individual/couple falls under).So, when you ask if the IRS would want to get taxes from you on the $1,000 of rental income, the answer would be absolutely yes. 

It is no more difficult than a regular closing to assume an FHA loan.  

Still have cousins in Shillington and Laureldale so I get up there pretty regularly.

Thankfully I had invested with them through the Maverick Investor Group, so my terms were a little different than what I see for their regular customers and I didn't lose any money as a result. 

Chris Mason  so can I do that with regular conventional loan?

I would suggest you do some serious networking regularly by looking up local meet ups to talk with others that are doing REI successfully in the area you want to work in.

I have a vacation rental and many regular rentals.

Now of course with a regular seller-agent to buyer-agent, I just make sure the contract has what I need whether it's contingencies or something else and then sign.

If there are regular machines, find out who is maintaining those or if they belong to any particular tenant.Maybe should be done before an inspection, but check to make sure that the subdivision of the building is legal and all units are allowed.