First, for tax reasons I may be in a situation where I want to elect to be taxed as an S-corporation.

Welcome to BP Nation Kendra.

For long term and large scale investments there are no benefits of doing it as sole proprietor (No corporation or entity).

Welcome to BP Nation, your RE related background, particularly the appraisals, will come in handy as a RE investor.

I don't know if there is a "typical" Are you talking about a big national bank or a local bank with only a few branches?

Many of us now have clients nation/world wide.

An LLC is an LLC, so I'm going to go on the assumption that you mean how it should be taxed: as a partnership, a corporation, or as a disregarded entity (which would pass through onto your personal income tax return(s)).That question is best answered by talking with your son and your accountant; the three of you should quickly come to the choice that works for you.

Connecticut has some of the highest property taxes in the nation, which will take a sizeable chunk of your cash-flow.Good luck with whatever you choose!

I was going to call their corporate office and see if I could get a hold of the acquisition manger to see if they'd be interested.

I had an employee when I was corporate that paid cash for a townhouse and I dont think she ever made more than $26k or so a year.