The important thing to consider before deciding on this method, is the overall condition of the area, and your longer term plans for the unit.

Is this the only method and is it higly effective?

This method of slaving receptacles off the GFCI will get you up to code.Bartstop

If its total, this is a really bad deal:$1325/month gross rent$662/month expenses (50% rule, search forums for numerous posts)$663/month net operating income$918/month loan payment$255/month lossIf its $1325 per unit, then the picture is dramatically better.The owner has a LOT more expenses than tax and insurance.

Mike, I'm not too familiar with the methods of analyzing the property, can you explain how you calculate the "NOI" ?

You can also put the land in a hotel ballroom auction with other parcels, but this method is best when you have very little in the property.You may want to look into advertising the property to the US Senior market at sites like escapeartist as they have real estate classifieds.I can't post the full links to these sites as I am under 10 posts but google them.

The depreciation method for a condo is the same for that of a single family house.

Due to the lack of available fuel used to cook, Haitian in general rely on trees as a method of fuel.

You'll find it easy to study methods needed to be successful.

I kind of understand this method as far as having to pay yourself a reasonable salary and then be taxed only on that, but the question that I have is whether or not you have to follow all the formalities of a full blown S-Corp, or is it the same as an LLC with just a better tax advantage?