Hello bigger pockets I currently am self employed and a small business owner net income of 71k a year on paper,50k saved up and 700 credit score.

Is this a common thing?

@Julia RockwellJust look at ALL of the negative factors that led you to this place:"felt some pressure since my apartment lease was expiring"Want to be near downtown and nothing on MLS near downtownCompetition with all-cash buyersCompetition with someone looking at it at the same timeNot given "much time to think about" it"I definitely felt a lot of pressure""swayed by the location""fear of losing"All of these things are common stressors which trigger a fight or flight response in your amygdala.

There is a common misconception about what cap rates are and what their relevance is to a given asset.

However, I was also thinking of paying myself from some of the earnings as a 1099 employee simply so I would only have to pay self-employment tax on what I pay myself and not all the earnings, so filling taxes as an S-corp. 

Hey Guys, I'm about to go the self employed route and need a little help with how do setup my personal income taxso tell me if I'm going about this right....Heres just a simple example1. 5k rental income- 2k expenses - 1k (salary I pay myself) = 2k net profit - 3k (depreciation) = -1k loss for loss on rental2. 1k salary * 15.3% (med/SS tax) = 153 paid in personal taxes so far3. deduct health insurance/ 7.65% (half of med/SStax)  from personal income 4. carry the 1k business loss to my 1k salaryEssentially not paying rental income taxes and also basically just paying 7.65% of taxes on the personal salary I pay myself.obviously just an example but just wondering if Im looking at this the right way?

Does this seem crazy or is this common?

Research the area, look at reviews, called several property managers, give them some common situations that occur to see how they would handle that personally, made sure they were familiar and had knowledge about the market they are managing in.

They're not that common here either and I wish you'd be quiet about them! 

Just be aware that most lenders want to see a full year (most of the time two) of self employment income to qualify you.