Joe Allen:  435-773-3870  (Realty Absolute)In regards to your Questions:  I'm not an expert on Pine Valley, never done a deal in PV.  

Not a probate expert, but if the son is the heir there is no need for him to "buy" it. 

I fully understand the economics that drive the facts, I just think it is great that it works out that way.  

Once you have become an expert in that market, then think about adding an additional market to your footprint.

That's by-far the best piece of advice -- build a box.I'm certainly no expert, but here are some other things that I've learned about reducing new construction costs:- To reiterate from above, build a box -- reduces framing, siding and roof complexity/cost

I recently listened to a Podcast, I can't remember which one now, but one of the things that I took away was to find one thing, become an expert at that, and then move on to something else. 

I am a Graphic Designer here in Indianapolis, and Graphic Design has so far been a good career for me for the past 10 years, but like many during the great recession I was furloughed at my job for several years and made only 80% of my normal income during that time. 4 day work weeks were nice, but my wife and I had a very hard time economically during those couple years, we still managed to save money and meet the bills, we had to put off alot of things that we wanted to do but couldn't really afford.

Can any expert out there chime in on whether this S Corp election is likely to be required?

I am no expert but doing normal business hours it would only take me about 2 hours to know who the owner is.

I would suggest having an expert like @Steven Hamilton II , weigh in on this one.