Homes in my neighborhood average at $650k, a similar home, with both a JADU and ADU sold for $1,025,000 i neighborhood.I believe there is another up for sale right now for about the same price in Santa maria.

First, it looks like the guy who owns the place lives there FT(which is not how it was presented) and that he literally rolled out of bed and left this morning.

We've been twiddling our thumbs waiting for the right time to get back in. 

The properties in WNC all appear to be appreciating right now too.

Agreed with Account Closed - putting real estate, or a real estate partnership - within an S-Corporation provides effectively no value, while creating significant headaches and tax consequences.The only real benefit left for an S-Corp is partial shielding of employment taxes - but a rental property already doesn't produce any self-employment taxes, so the one benefit already doesn't apply to the rental.Then you have problems with not getting basis in the debt of the property, having a lack of flexibility on future structure, issues with distributions in excess of basis...just nothing about it is good.If the Partnership hires a property manager, and that property manager ends up being your S-Corp - great, now you are perhaps better managing your exposure to self-employment income as a result of these property management fees. 

His bid really didn't sound right, but I've never drywalled and didn't realize it should be so cheap.

You came to the right place!

When I go back and touch up a spot with a brush or roller I can always see right where it was touched up unless it was also rolled the first time. 

You're joking right? 

I left out the most important thing - NEVER overpay a deposit for work not yet completed, that money and person/s sometimes have a way of disappearing in certain situations like that.