To save, I would suggest opening a separate bank account, have some of your earnings go directly there, and add to it as you can further reduce your living expenses.  

But, I have a feeling that if you really dug into the numbers, you'd find that you're just creating an unwieldy infrastructure that's going to hinder your growth and reduce customer satisfaction.Again, just my $.02...

I am therefore considering changing the tax status of the LLC to an S-Corp, which would reduce my self-employment tax by allowing me to take some of the profits as corporate dividends. 

Depending upon the area you might do this for just your exterior doors or all doors on the property:To Reduce Wear from AbuseUse longer than standard screws on the hinge plates of the doors you install.Increase the number of hinges you install from 2 or 3 to 5 or 6.

The general consensus is that the rebate will need to reduce the purchase price of the asset and your accumulated depreciation and depreciation expense accounts will need to be adjusted to reflect the change in cost basis. 

When getting ready to close one's first deal as a newcomer, what are some steps to take to minimize the risk involved?

Because having the ability to readily sell their loans at any moment reduces the bank's risk.Ask your banker how they would handle a loan which becomes non-conforming after-the-fact.  

@Jason Bott Renovation Insurance Agent WisconsinGood lucks with reducing your insurance cost.

Coming in with all cash can drastically reduce the time frame for closing. 

Is there someone else in your family you could rent it to at a reduced rate to house watch??