Does that include taxes and insurance? 

The taxes on this property according to the listing is $15,000.

I'm curious on how best to structure this approach: Who owns what, who gets what, rental income & depreciation (all tax treatment).

I have a fund seeking to make section 8 investments on 4 or fewer unit properties in landlord and tax friendly states such as Nevada, Florida, South Dakota, Utah, and Tennessee. 

Not to mention I got to write off over $175k from my income taxes using a cost-segregation study.  

They designed a very nice postcard for me and i sampled a batch of about 1500 postcards to a list I provided to them.My results....7 responses (0.46%).The list was Out-of-State owners I pulled from the tax records, of which I got about a 13% response rate using yellow letters.I'm not going to say anything bad about them, I just don't think postcards work well for finding motivated sellers in my area.

You will learn about property management, taxes. contract law, and people management. 

My question is what is the best way to set up out LLC, and should we be taxed as an S-Corp? 

The home was going into foreclosure because Larson owned over $11,000 in delinquent property taxes.

Good luck finding your first commercial loan that does not report on your social security number (ie: your name).