There are already tenants in place and I am trying to get things to a more professional level.If we set up a bank account that is ONLY for rent payments, can it be a personal account or does it have to be a business one?

You will create a taxable event that costs you 15% of your profit, plus don’t forget the 3% surcharge on capital gains over $200,000.  

How much does BPcon 24 cost?

Found a buildable lot in a gated resort community  seller is just wanting to get rid of after 13 years (seller is older and not using amenities any longer)   Lots are cheap, couple grand   Seller only used it for owners rights to play golf, pools, tennis etcWould cost me closing costs, $50 month hoa, $50 year taxesIs there a market for something like this? 

You know it should cost more to have S-Corp because of the extra filings/reporting...What are you doing???? 

…They simply have to buy as much or more than they sell for (after closing costs) and reinvest all “cash” they receive. 

You don't want to be starting this process over on August 1.Second, the New Mexico court will award you monetary damages for your unpaid rents, court costs, etc.

Do you know how to evaluate repair costs so you know what offer?

Cost efficiency makes it cheaper to set up and maintain than multiple LLCs.3.

My costs will be minimal.