Also, at a minimum you need to attach to each tax return filed for years 2014 and later (every year) two elections:  1)  De Minimis Safe Harbor Election and 2) Election by Small Taxpayer to Deduct Building Improvements.If you are not aware of the specific rules related to real property, I would suggest that further research is in order.   

Not like your establishing a new one with every flip.Account Closed- Brandon suggested possible election to be taxed as an s-corp, not be one.  

http://www.housingwire.com/articles/print/35087-fannie-mae-lenders-say-its-now-easier-to-get-a-mortgage"For the first time in seven quarters, we see a pronounced increase in the share of lenders, particularly medium- and larger-sized lenders, reporting on net an easing of credit standards in both the GSE eligible and non-GSE eligible loan categories,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. 

Reimbursements to employees are different than to owners, it becomes an accounting function and your tax election can determine how best to account for small expenses. 

Follow up question-what do you list as a title/name for your small RE business when you have an LLC and do not want to call yourself "CEO" or "President" of ABC Properties?

You can then elect to have your LLC taxed as just about any type of corporate or partnership type w/ the IRS.

2) Apparently, you are supposed to attach a letter saying that you elect to use the safe harbor.

You have to form a corp, then elect s-corp status.Go to your state's secretary of state website where there will be info how to form the business entity yourself.  

Besides being a real estate investor, I'm president of an environmental consulting company (see my signature), and an asbestos & lead expert, so do not hesitate to ask any and all questions.Besides EPA, OSHA also regulates both.

We used this as a call to action to raise hell when necessary, and to compile a list of gents who opted against using soap and water after using the restroom (the president of the company headlined this list).