Hi, I am looking at doing a rehab and addition on an older home.

I would make sure your insurance quote includes additional fire coverage.

An additional benefit of purchasing an older building is providing an option for converting the building to a Single Family.  

In addition, you can always look to Lease Option a property FROM the owner, and Lease Option the same property to your Tenant Buyer.

Was really only looking for additional information that some of these senior landlords may have gathered throughout their years. 

I'm retired from a management position with a local Pepsi~Cola franchise where I was employed for 24 years.

He estimates to spend an additional $58k over the next 10 years for maintenance and capital improvements. 

Are you in need of a boost to help give you additional means to pay your car bill, education loans, credit card debt, etc.?

If your goal is to reduce that self-employment tax to a minimum, an S Corporation is the best entity to use.

That being said for the size of house your talking about it seems high.As a contractor, when i see stucco that has enough damage that needs sand blasted off i would suspect additional problems.