I am therefore considering changing the tax status of the LLC to an S-Corp, which would reduce my self-employment tax by allowing me to take some of the profits as corporate dividends. 

Depending upon the area you might do this for just your exterior doors or all doors on the property:To Reduce Wear from AbuseUse longer than standard screws on the hinge plates of the doors you install.Increase the number of hinges you install from 2 or 3 to 5 or 6.

The general consensus is that the rebate will need to reduce the purchase price of the asset and your accumulated depreciation and depreciation expense accounts will need to be adjusted to reflect the change in cost basis. 

When getting ready to close one's first deal as a newcomer, what are some steps to take to minimize the risk involved?

The lender in those cases loses leverage to the owner of the property because the owner can just hand it back rather than fueling a money pit for years if there is a change in the market.

@Jason Bott Renovation Insurance Agent WisconsinGood lucks with reducing your insurance cost.

Coming in with all cash can drastically reduce the time frame for closing. 

The local Hy Vee has a fuel saver program that you get back $.20 per gallon on up to 20 gallons for every $100 gift card. 

Is there someone else in your family you could rent it to at a reduced rate to house watch??

I wonder if future rate increases would decrease multi-unit price?Since multi-units are priced based on CAP rates, they will be interest rate sensitive.  Ie buying a multi-unit at 10% CAP makes sense in a 3% treasury-...