If you  don't make enough W2 earned income than get a part time job and hyper save for more assets.YOU CAN DO IT!!!

Unless there were overages on the job which need back up, no contractor is going to supply you with an itemized breakdown of all his receipts and materials.

The LLC (being taxed as a partnership), will report the property's gain on its LLC tax return and will issue Schedule K-1's to each partner/member reflecting each partner/member's allocable share of the property's gain.The LLC (again taxed as a partnership), will not actually pay any tax, the LLC partners/members will actually pay the tax on the property gain at their reporting level based upon what was reported to them on their respective K-1's.

Greg,You've done a great job with the numbers.

One of the most important parts of a listing agents job is the appraisal....and you have no listing agent. 

I agree with the poster above ... business with a concentration in Finance would be my first pick ... it applies well to RE, and it also "travels well" if you decide to initially pursue a job outside of RE ...

Hi guys,I have a question about financing...Just considering options... say your wife has a W2 income from her job and you have a W2 income from your own S-Corp(and your business has been around for at least 10 years but with fluctuating W2 income) and then your wife considers taking a break from her W2 income to recover thoroughly from her illness... outside of the W2 income we do have $30k-$40k cashflow from existing rentals.How hard would it be for you to get conventional financing with this scenario (losing a more consistent W2 income - even though her W2 is lower than yours) to finance our SFHs purchases?

Since this would be our first rental we'd like to give management a try before we decide if we are up for the job or not.Do you make enough monthly income to cover your new mortgage and your current mortgage and still have enough to cover your bills?

I just bought my first property last October (duplex in St Paul), and I work a mix of W2 and 1099 jobs as a violinist.  

Not looking for Job; have one of those already, instead, I have A LOT of boring free time.