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. 

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

Establish an emergency fund, manage your debt, and save for a down payment to lay the groundwork for your financial future.

My wife wants to pay down debt first then consider buying a second home, especially with a baby on the way.

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

We want the to be able to have more buying power later this year as well so we don’t want to jeopardize the debt to income ratio of both of the  partner?

I then have my Chase Business Account linked to Stessa so it will import the payments and still run all the features that I like (Tracking Rental Income, P/L statements, Tax form simple print outs) because it will sync with my Chase Business account.Would love some advice from previous owners and users of Stessa.

The funds supposedly earmarked for these payments were instead usedto cover its debt repayments.

Private lending is passive but in terms of taxes "ordinary income" and you cannot cancel out with passive losses that you get when you are an equity holder of real estate. 

What I do for my off-market deals is scrape the tax record for all LLC's that bought like-property purchases and then trace their name/number and establish relationships with them and bring them deals.