Not a financial suggestion. 

This is 100x more true if the property is in a C or D area.I'd suggest reading up on the topic on the forums, where you'll find many examples of inexperienced investors crashing and burning hard trying to do OOS REI...the story is usually the same--they had no experience with REI, they couldn't find any cashflowing properties locally, but they saw that properties in other states (often the Midwest) cashflowed well on paper.

The math is pretty simple on that one. 

@Will Mejia couple thoughts:1) A simple buyer inspection will probably catch the needed work, so it will negatively affect your sales price.

Any other suggestion that’s out there. 

Any thoughts or suggestions?  

Some have suggested a postnup to clearly document the downpayment is a gift and not part of community property.  

Keep it simple and use a single member LLC.Also, if you pass costs/losses to the S Corp side, I could see them being "trapped" or used within the S Corp which might not be so good.

Write it down, develop a policy in writing, create a simple checklist to summarize/follow, and stick to it.

That simple.