You want an accountant that can help you strategize and who is responsive when you want to know the tax consequences of the decisions you are making throughout the year.Good luck and let me know if you have any questions.

Assuming you can get your passive income into the S Corp to pay you the salary, it’s a personal decision if it’s worth paying your marginal tax rate so that you can sock money away into a solo 401k...For a single self employed solo 401k, you do the full $59k (whatever the current limit is), but the employer contribution side is more like 20% (honestly, not sure if applicable for S Corp status).

Hi @Clara Brashear, I agree completely with @Theresa Harris the best way to start making this decision is to look at the other higher end rentals in the market and see what they do/have that your units do not.

With that said, I wish I had put a little more emphasis on education because I would have made several decisions differently.

At the end of the day, you want to make sure that you have numbers that are as accurate as possible so you can make the best decision possible... especially if you are planning on spending $375k.

For my particular situation I have the funds to provide the deposit in Cash and had a pre-approval letter from a private lender for this property (which is dependent on appraisal, title, and final underwriting decision), but am unsure if they will accept this as documentation or if I will be out my earnest deposit if I go for this opportunity.

I want to start in Illinois, just as I know more about the communities and surrounding areas, to make a more informed decision.

Sounds like you are making some wise decisions for your future.

No final decisions yet anyway.

You made the right decision!!!