Please feel free to PM me if you need more explanation or further clarification.

I don't even get what his explanation of WHY he QUIT!

There is no time restriction.For S-corp election, in a simplified explanation, If you want to ELECT LLC as s-corp, you have to do within 2.5 months in the year you want to be taxed as S-crop when you create LLC (But IRS gives you some exception and you can elect past 2.5 months too.

Excellent post both in what you did and the sort of straight forward explanation of what you did.I like especially the lessons learned. 

@Marshall Hooper@Lynn Dee MurrowLynn's explanation is the basis of the inherited properties are stepped up to the market value at some predetermined date.

Thanks @Tracey Hamilton for the thorough explanation of your experience with Hubzu!

Here's a fundamental explanation to get your juices flowing:Assume a house costs $200,000 and rents for $1,500.

The reaction and legislation (and their attempt to force people to do things not based on any science or even a rational explanation) enacted on its behalf are 5 times worse.If you are under the age of 60 and healthy, you're chance of dying from Covid-19 if you catch it, is exactly 0.002% (Infection fatality rate).

Thank you for the clear and thorough explanation.

So does an explanation of ARV (showing seller the closest comps fixed up) - repairs - commissions- holding costs = profit ..etc come in too play?