This has its own difficulties.As far as the S Corp, you have to remember that its really a tax status. 

I had my certificate of status in about 4-5 days.Had I known the issue with taxation, I would've gone the S Corp route... oh well, it's a lesson learned.Good luck with your business.

Hey there. Looking at some potential multi-family properties in Pensacola. Anyone know what the rental market is like currently (hot, cold, etc)?  Or have any knowledge of that particular market they'd be willing to p...

Hey there. Looking at some potential multi-family properties in Pensacola. Anyone know what the rental market is like currently (hot, cold, etc)? Or have any knowledge of that particular market they'd be willing to p...

Electing S corp status for an LLC may provide some additional tax savings by characterizing income on the corp return before passing it through to the personal return.For tax purposes, just having an LLC without an S-corp election, is the same as not having an entity at all at the Federal level.

Here is what the FL status state (196.061 Rental of homestead to constitute abandonment):(1) The rental of all or substantially all of a dwelling previously claimed to be a homestead for tax purposes shall constitute the abandonment of such dwelling as a homestead, and the abandonment continues until the dwelling is physically occupied by the owner.

Does this have something to do with rent control and owner-occupied status? 

Tell them your interested in purchasing or developing the subdivision and you want understand the status of the properties.But move on, a subdivision deal for a newbie could only be accomplished with knowledgeable JV partners.

Do both spouses need to obtain real estate professional status to receive the tax benefit?

It is also possible when requesting a separate taxpayer ID number for the LLC (if you do) to unintentionally elect partnership treatment, which would also eliminate the Disregarded Entity status.