We are under contract to purchase an 8-plex in June and I'm hoping some of the experienced landlords could help with a few questions.The first thing I plan to do is talk to a lawyer about creating a lease agreement.

That of course is not a sustainable business move, but to get started I am willing to take less.

I suspect OP has an ulterior motive as he created multiple threads on this topic. 

Well, as pointed out in this post, inventory is historically low and construction costs are historically high which creates significant value for existing housing in the middle even low end of a market. 

Hi @Nick Michaels,That's great that you are taking steps toward creating a more financially life.

The largest fireplace is in between the kitchen and living room which would need to be removed to create an open floor plan with a new kitchen. 

You basically just CREATED $15k.Bear in mind this example disregards the cost of capital (i.e. hard money / short term loans).

I'm not sure what area you're in (BP doesn't seem to require locations anymore when you create an account), but I may be able to point you to a HML. 

They could create a wholly owned S-Corp and deposit the necessary funds into it.

Postlets allows you to create one ad and then it pushes / syndicates it to other sites like Zillow, Trulia, and Hotpads.