Thoroughly research the industry, field, business you’re interested in to see if there’s a “niche”, unique approach, unserved customer base, or anything similar that can be exploited to earn income 3 standard deviations above the mean.

I have found a couple online and I am curious if there are other "harder to find about ones".

You will need to work with a tax professional to analyze your current tax situation (income, deductions, activities, etc.) as well as projected income from the fix and flip business.The benefits have to outweigh the costs (payroll costs, additional tax returns, more stringent reporting and compliance requirements, etc.).One important note - an S Corp is not an entity; it is a tax election.

Bear in mind I'd still work, say a few days a week and make enough income between rental cash flow and working to clear my annual expenses by at least $25K after taxes.

I offered him seller financing so his wife could have guaranteed income without the hassle of dealing with tenants.

@Jeff RyersThere is a basic rule of thumb for income qualification but I use an additional one as well. 1.

Check reviews online, etc., to see how far down the rabbit hole they are willing to go.

Then if you end up doing a self directed IRA instead of a Solo 401k from not having any self employment income, you are subject to UBIT rules, which can cost you thousands in fee annually just for the filing depending on the complexity - in addition to the tax owed. 

I would definitely mention in your property description that the property comes turn key, and offer to show the properties rental history/income.

There will be big pressure on rents over the next year or two in Austin area due to the vast number of apartments coming online.