Turnkey in a rehabbers mind might be different than that of others so it might have been close to turnkey but I dont blame you either b/c it wasnt.

Unless you're operating under a C-Corp, all net income will flow to your personal taxes (not just $100K), and if these are spec builds, all net income will generally be subject to some Social Security and Medicare taxes (self employment taxes).Next, let's tackle this:"Would it make sense to have the LLC file under an S-Corp in 2015 in preparation of selling 2 houses, pay myself 1/3 profit as salary, then the other 2/3s would stay in company/ and eventually be paid as dividends thus saving from self-employment tax/ Newere Obama Tax"Filing as an S-Corp won't allow you to defer salary/distributions or taxes.  

Here are some places I've looked at, mostly C/B- neighborhoods:http://www.realtor.com/realestateandhomes-detail/5...http://www.realtor.com/realestateandhomes-detail/1...What I'm wondering is if it'd be worth taking out a loan to get a more expensive place with better/easier rent.

Originally posted by @Richard C.

Originally posted by @Phil C.

@Richard C. 

For the HVAC it is a hot water/stream baseboard, and the units have wall A/C units in them (so tenant pays for usage of them with electricity).

Most of your multi unit buildings will be in the B or C neighborhoods on the North side.  

I plan to make each unit a separate entity (I believe Quickbooks calls them classes) in the software for tracking rent and expenses per unit.But should I also report on them for tax purposes as 9 separate units or should I roll them up into 4 because that's how many separate addresses there are or should I roll everything into 1 property on the schedule C come tax time because it's one physical building with one mortgage, etc.?

I'm not an attorney but for wholesaling and flipping a C or S Corp is probably the best way to go.