@Dan RomaHi neighbor.I second @Basit Siddiqi's suggestion to create an LLC, not an S-corp, and then have that LLC elect to be an S-corp.That is assuming you DO need S-corp taxation.

So a rigid contract could box one of you into a corner.We hired a President for our property management company.  

I was the lender they were the borrowers and when things went bad their tenants stopped paying they could would pay for a few months then quit and then I took the asset.. lost of drama lots of marital discord .. was not pretty.. but I am not predicting those times again I am hoping that was once in a life time.. but folks that had free and clear assets even if they sat vacant they did not lose them.. that's my point.. no most of my friends that made it owned business or were presidents of companies that went public and got monster stock payouts.. remember I am from the Bay AREA...

Although you can certainly elect to treat a husband-wife partnership as a disregarded entity, you also have the option to file a partnership return in non-community property states like Maryland so that way the income is reported on your K-1 on Schedule E, Part II rather than Schedule E, Part I if this is important to you.

(This is reflected in your comments about suppliers seeing 50-60% decreases in their sales prices while retail prices have gone virtually unaffected)Not only will growers be limited to fewer potential customers, but I suspect that a lot of those who tried and failed to get into the industry on the retail side elected to enter on the  supply side for the time being in order to get their foot in the door.So, if my theory is correct, that would mean the current dynamic is causing the appearance of a much lower demand and a much higher supply than you would otherwise see in a completely laissez-faire economy.

There are two election with the OZ:1) To defer your current capital gain (does not matter it from the previous deferral from 1031).

Yeah I think FHA sounds sweet so that works if I elect to go that route, thanks!

The buyer can elect to terminate the contract before short sale acceptance.Short Sales are very rare in this market right now.

I am in the process of writing my operating agreement for my LLC in Florida and am naming myself the “Principal” rather than CEO or President. 

Wasn't a big fan of them until we had our local elections here in Dallas.