There is a bonus room with an exterior entrance that has a 3/4 bathroom and a small kitchen that may be able to be used for something or added to apartment next door turning it into a third two bedroom apartment.6.

Counter installers do essentially the same thing when they cut sink openings and then polish the resulting edges for an undermount sink.

But as you stated, an LLC WITH S Corp tax election (which is not what was previously asked) provides you essentially an S Corp which allows you to have some minor tax savings in self employment taxes.

Open dialogue within the partnership is essential.

Alex, this could be a difficult situation because the tenant has essentially been trained and probably identifies as a victim with a right to free housing.I would make the tenant one offer: if they move out within 30 days, you'll hand them their deposit plus a full month of rent.

Essentially, the name of the game is to just talk to everyone that you can. 

All the markets below will offer you essentially the same type of product and returns.Cincinnati, OhioDayton, OhioToledo, OhioYoungstown, OhioCincinnati, OhioMemphis, TennesseeSaint Louis, MissouriIndianapolis, IndianaDetroit, MichiganErie, PennsylvaniaLouisville, KentuckyMilwaukee, WisconsinJackson, MississippiIt's about WHAT and HOW you buy in an area.

But my OO financed mortgage paydown was ~$750/mo and my monthly costs were essentially the same as when I rented. 

Initial thoughts had me at 200k so I'll have 40k for repairs, but then a friend told me her bathroom required 10k in repairs, all through a contractor though. 

. ;) What she said, essentially-  NO, moving it into the LLC won't matter (for tax purposes).