Your QI will need to accept the note then sell it on the secondary market -- most likely at some discount to face value.  

First of all, the markets that we're investing in hasn't fully recovered from the housing crash, and homes can be bought for significant discounts to their replacement cost.

Maybe you can initially move them into Room A knowing that they will move to room B once room B is done.The basement can only be included as a room if it meets fire code... i.e. has big enough windows for egress.  

First of all, the markets that we're investing in hasn't fully recovered from the housing crash, and homes can be bought for significant discounts to their replacement cost.

Just as a tip, if you don't get some of the responses you're looking for from your post and if you ever think about upgrading your account, with a pro account (and maybe the plus as well, not sure), you can search and connect with others in the BP community based on location like zip code or by proximity to where you are.

In a BRRR strategy where you elect to hold property for 5 years, at a minimum, due to the new changes in the Federal tax code, can an S-Corp avoid built in gains taxes on properties held for a minimum of 5 years?

You can try the 19136, 19135 zip code areas.

They do a lot more than just comps including scanning for discounted active listings and compiling off-market lead lists.

Moving into apartment complexes.Norcross, Ga - 2 bed/1.5 bath - 950 market rent, tenant paying 850/month (handy man discount) Asking 84KSuwanee, Ga 4 bed/2.5bath - 1898/month (tenant paid one year in advance)  $280KSandy Springs, Ga 3 bed/2.5 bath town home - 3 rooms occupied at 750/each

But with that kind of debt, my worst-case scenario is that I end up owning the property at a discount, and hold it until the recession ends.