Unless you elect special tax treatment, the LLC is a pass through entity for taxes.

I contracted out a few specialty thing such as a new roof, and some plumbing that I wasn't confident I could accomplish according to code.

I suspect you have pulled comps to justify the valuation.I'd think that as SFDs the fire walls would surpass apartment requirements, I don't know codes there, but the building would probably pass.

Anyone from the North West Suburbs of Chicago and specially from Arlington Heights know a good real estate school they could recommend?

I appreciate your help on this:First, I research the zip code and neighborhood on the internet.

Scott The Book on Flipping Houses,The Book on Estimating ReHab Costshttp://www.biggerpockets.com/flippingbookLocate and attend 3 different local REIA club meetings great place to meet people gather resources and info.Consider checking out HUD homes for small multi's owner occupied gets first crack.You might consider Niche or Specialized Housing like student housing.

Texas Property Code states explicitly how many locks and fire alarms are required in rentals.

I've just grown skeptical of the Fannie process so I've moved on to non-Fannie deals.I believe the Fannie deals are going at a premium to account for the special financing terms (lower LTV ratios and ability to finance more properties than the usual Fannie limit).

The 2008 NEC requires AFCI breakers in bedrooms but many local areas don't adopt the code right away.If it's a AFCI I would be suspect of it because they weren't field proven at that point.

( zip code / southside/eastside/North/Northwest ) SFR ?