Get a strong operating agreement drafted that outlines the purpose of the business and your individual roles in detail.Take it one at a time and grow from there!

Your passive loss, however, can be.For example:Let’s say my MAGI is $160k, I have gross rental income of $10k, expenses related to my rental of $6k and depreciation of $5k.My net operating income is $4k ($10k - $6k).

I work full time now(40 hrs a week) and own and operate my own plumbing company on the side where I make about 6 times as much.

This may be a good solution for you but be sure to understand the law and operate it properly so you don't lose the protections afforded.Most investors I deal with own the property in their own name.

If it looks like it can, a surveyor can go out, survey and they also verify it complies with zoning, and they submit the new plat maps directly to Mecklenburg County.

I would also review with the agent what types of safeguards the companies will expect (Hard wired smoke detectors, Central station alarms, extinguishers, etc.) as some of that will be cheaper to do during your rehab rather than laterIf you lease the commercial space out to certain businesses you may have to comply with additional codes. 

I normally forbid tenants from operating a business from a residential property.

Last year I adopted the Profit First System (Mike Michalowicz) and use the following accounts to manage my business: Operating Expense, Bonus money, Owners Compensation, Tax, and Vacancy/CAPX/Repairs.

They also operate in the East Valley ;-)

I still use the first guy my realtor suggested from 12 years ago, but now that I have 18 properties we have three different Plumbers/HVAC companies that we can call on.As for the operations side of things a Realtor has been nice to have in the back pocket but of the 18 houses we have bought I think I found 14 of them on our own.