You could potentially still live for free (your roommates pay your mortgage, taxes, insurance, expenses, etc.) and you are building equity at the same time by paying down your mortgage and you don't have to live with your parents. 

I bring years of experience flipping (started in 2011 in Sac) new construction, additions, rehab team, agents (real estate and insurance) and funding. 1 rental in EDH. 

I figured it was a good time to post here, since I had a conversation last week with yet another new investor client who got bad advice from their previous insurance agent.

Every case would be unique but some new entity would probably acquire the assets of the company including lease contracts during bankruptcy proceedings/dissolution of the company, and the new entity might continue servicing it but who knows.

I need to get title or deed back but the title company said I need a deed recorded in my name before the can proceeded.

How much did your homeowners insurance increase when you added short term rental to your policy?

How should I proceed?  

And secondly, if you were in my shoes would you walk away or continue to proceed with the purchase - if continuing with the purchase, what should the next steps be?

As for S-Corp or LLC just remember that you a group of investors and you need to protect the individuals and I personally believe that an LLC with good insurance on everything separately is your best idea.

Take into account RE taxes, Mortgage interest, charitable donations, large medical expenses, ect...compare it against 2017's total.If you took a look against the rental but used the proceeds for personal use- IE to pay off your personal residence the interest would not be deductible as a business expense.