For Federal tax purposes, LLCs can elect to be taxed as a corporation rather than as a pass-thru.

And my tenant is running for village president...imagine that! 

I would like to believe, whether I agree or disagree, that our president always believes their policy will have economic benefit.

I also became the HOA President to help make sure it stays that way lol.

Anyone electing to do this option would have to use the property in this manner, and would have to sign a disclosure with the mortgage company verifying that. 

You could be the president of the board, and handle all of the business of the association, file taxes, handle common area expenses, etc.You'd get your money now; but, you'd pay for it later...you no longer control those units.I'd rent.

@Alexander TimberlakePlease note that $18K maximum is applicable to the employee elective deferrals in all 401k plans that you participate.

You can elect to fix their problems. 

We recommend you do as much of the due diligence as you can on your own but to get it to the next level you're going to need a Feasibility Study especially if you bring in outside capital (whether that is a bank or capital investors).We also had Buster Owens, president of Rabco, one of the leaders in building Self Storage who you should reach out to. 

He/she will best be able to advise you on whether you should accept the default tax classification or make a corporate tax election for your entity.As Jon said, you should get an EIN before opening your bank account.