So discounted real estate company will survive and be profitable to its share holders?

When you payout these funds from the Canadian corporation to you (the shareholder) regular dividend taxes will be applicable in your hands.Once again.  

You must have basis in your S-Corp equal to at least $0 in order to deduct the losses.So now you have to contribute more money to your S-Corp in order to increase the basis with the opposing entry being a Shareholder Loan. 

To what extent will the parties be free to carry on other businesseswhile the joint venture subsistsif one party pulls outIs it intended that spouses/partners should also be shareholders, to allow for tax advantages from a broader split of dividends?

It can be your first stop and last stop of the day.RECORD KEEPING: Always make sure you keep minutes of the incorporation meeting (decide on business entity and set up by-laws), shareholders meetings at least annually and give proper notices.

This will basically be a one man show (me) so no issues with partners or multiple shareholders etc.  

"I have not been on ESPN but would be seen on bassmaster.com, ive been on a radio show, lots of social media and locally in the area at tournaments"If the power washing business pays for gear or fishing related equipment, it would most likely be a non-deductible expense, a distribution, or a loan to shareholder. 

They have a duty to their shareholders/members to maximize recovery and minimize loss and not exposing the property (REO) to the open market would be negligent in my experience.Maybe you mean working with the owners through their agent or, maybe you mean working with the bank through their agent after the foreclosure.

There's no such thing as a blanket, one-size-fits-all formula to use to calculate what's reasonable for S Corp shareholder salaries. 50% doesn't always work.

I obviously don't have enough shareholders to for a Reit but something similar on a much smaller scale is what I would like to do.What is the best way to structure and go about this?