Whatever you have left over from your annual rental income after you have paid all the annual expenses for property taxes, hazard insurance, cleaning, maintenance and upkeep, repairs, property management, legal fees, advertising, mailing, postage, HOA fees, etc. is your annual cash flow. 

Considering the fact that you have laborers assists the fact that you can save on self-employment taxes.Please be wary that creating an S-corp has initial set up fees and fees associated with its upkeep(annual SOS fees + annual tax returns).

A good tenant is worth their weight in gold sometimes.

I know I need to give a bigger weight to OPM while getting started, and likely will as I get closer to my first residential deal.

Purchased a multiunit - 3bd/1ba & 1bd/baCost: $490,000Down payment: $200,000Renovation Budget: $70,000Mortgage: $2100/month - 30 yr fixed @ 4%Expenses: $190/Month (Utilities, upkeep, and administration) Rental Income: $4000/month ($2400 3bd/1ba & $1600 1bd/ba)Profit: $1600-$1710 a month depending on utility costsTo keep costs down my wife and I did as much work as we could, such as painting, installing kitchen cabinets, laminate flooring, light fixtures, etc.

I can see where you are coming from regarding weight bearing but, most weight bearing walls on a standard home are close to center or perpendicular wall intersections making in impractical in some cases. 

Anything that falls under the category of habitability is the responsibility of the landlord to provide and upkeep. 

Because their opinions typically carry a lot of weight and if they speak out against you, I'd be willing to bet that you'd have a tough time getting approved.

We have a few good ones now, and good contractors are worth their weight in gold!!!

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