I consulted with the buyer and seller and put a deal together that worked for everyone!

@Tom SmallYou should consult a tax professional to examine both you and your brother's facts, circumstances and goals.That said, it's generally not advisable to put appreciating assets like real estate into any kind of corporate tax entity, C or S.An LLC that's disregarded or taxed as a partnership is a much more friendly tax entity.It appears the land was never put into the corporation, which might be fortuitous for you. 

I would consult a zoning attorney or architect/expeditor.I am a licensed GC in Chicago.  

You should really fully understand how to analyze title before buying at the Sheriff's auction.As for dealing with prior owner occupants you must consult with legal counsel or educate yourself in regards to redemption periods and evictions.

I tell my clients who ask about a recession to consult an economist. 

I just engaged a tax consultant to get advise on this situation.

If you don't understand everything about the leases you've inherited, or if this is your first time doing this, then I strongly recommend consulting an attorney (which I am not).For purposes of vacating the units in order to do the rehab, I'm not sure it really matters whether they are under market rent or not.

The advice i would give you is to consult a lawyer.

Always consult with your attorney before you rely on the above information.

I am thinking about engaging a more experienced commercial agent to review my numbers, provide their numbers, provide strategy consultations, etc...