This amounts to the same LLC, but taxed as an S corp.The reasoning to convert to an S corp is to avoid the self employment tax which is quite high.

However, I am self-employed (own an IT company) and have erratic income.

This section is pretty self-explanatory.

It can be an effective way to alienate potential clients ... when I receive such unsolicited communications, I make a point to add the sender to my list of folks with whom I will not do business.

I actually don't want to do much direct mail, just letters for probate and maybe some postcards to tired landlords.Video clips, short ones, are 'probably' a little more effective, at least to start. 

Family/friends isn't an option for me, and I don't want to go the self directed IRA route because there are too many benefits I can't give up on (loss of passive loss deduction, can't do work int the rental myself, can't even save on commission as a real estate agent apparently).Thanks for your thoughts.

I will send you a PM so I am not self promoting myself.

You don't want rentals on the street you live on for an easy understanding of how effects actual value.Look in predominantly tenant occupied areas where it's accepted as the standard & rent drives demand not agent listed value. 

Are you self-employed?

Do you ever self finance any of your investments?