@Marcia LangleyOur plan is to rent the house we're negotiating on for multiple uses - weddings, vacations, events in town, but also as a possible short term weekly or monthly rental for corporate or academic groups.  

@Jason Hardin I would strongly suggest you establishing a Corporate Entity such as a S Corp or a LLC.

I eliminated any properties owned by a corporation, LLC, or investment firm. 

@Natalya Whitaker,Well, first guess time is you're going to have a lot of folks Googling "scrum" and then trying to figure what a software development methodology or a Rugby term has to do with REI.Nice "Corporate America" thinking, though, and I can see the advantage of dividing crews up into teams each with a dedicated goal.Focused project management by your GC would produce good results, I'm sure.My $0.02...David J.

That is where you tend to lose you shirt on value with a downturn those areas are the first to get hit hard and the corporations with rising wage costs can pull out.

Although I am a practicing attorney, I do not practice real estate or corporate law.

.- The series LLC is a newer form of entity (it has only been around since the 1990s and was enacted in Illinois in 2006), so there is not as much legal precedent as you would find with a traditional LLC or corporation.

Now I am changing to an S corporation since I am adding my wife as a co owner and paying my parents for managing rehabs. my accountant advised that an S corp will be the best for this kind of arrangement to minimize taxes and pay my parents a W2 salary.

Can I have the down payment from the IRS account and set up a S corporation to borrow the remaining purchase price?

All of the storage facilities I see popping up are locations from large corporations....Also given our current real estate appreciation it seems you may be missing out on some of this potential growth with a MF.