In the residential world, some requirements are relaxed comparing to commercial so it's up to you whether you want to spend the money to have a better planning versus skip the planning and perform the work impromptu.

Potential asterisk on pulling that money out of the S-Corporation.The benefit of not having real property in an S-Corporation is flexibility (don't have the same deemed gain rules if pulling it out of a partnership), basis in the debt (in your case you don't have any debt).You could still end up with some double tax on this. 

@Hunter HarmonFirst off let me say, incredible job on both saving money and doing your research.

That appreciation upon exit is where the real money gets made, and that cash flow is simply a little gravy along along the way.  

Two months later, the investment of time and money paid off in a huge way.

There is no easy money.

I can also get a Home Equity Loan from Better Mortgage for another $70k and then sell which would reduce the taxable amount to about $130kCurious on thoughts from others if you would prefer to try and rent it out again or sell and allocate the money elsewhere. 

An example of this would be mixing your personal money and LLC money in the same bank account.3.

It's great to have you here.Here are some recommendations for you:Find and connect with other BP members that are in your area: http://www.biggerpockets.com/m...Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/a...Read Beginner’s Guide: http://www.biggerpockets.com/r...Check out BP Money Podcast: https://www.biggerpockets.com/..Wishing you the best

I make good money and I have enough money saved up to buy my first property.