LLC electing S-Corp status is usually beneficial when flipping houses, but be careful that your CPA helps you with the "reasonable compensation" aspect- as that would be the main audit risk.

For a variety of reasons, you might also want to form an LLC to partner with your partner LLC.

I would not do this deal for the following reasons:-Austin has had a tremendous run and while I do not see a huge downturn, I do not see how the run can continue at this level-Huge number of rental units coming on line that will bring down occupancy levels and rents will follow-Your $160 per month HOA fee WILL jump once the complex is sold out. 

That’s the main reason I don’t use this Calculator.If you go back to review your report you can scroll down past where it says Calculator Report; Download, Edit, Discuss, Other.  

Cost of living is very reasonable, though.

#1 reason is a jobWhy do people pick a certain area to live?

I'm looking forward to hunting some for myself, but I already feel the pain of my clients' having capital to invest and reasonable criteria but few listings to offer!  

They are reasonable and give free tax advice.

Regarding your considerations:Taxes - Fairly reasonable, but county-dependent.

It causes me a few extra trips a year to reset a breaker, but I have to believe it makes the tenants more prudent about overloading if they know they have to call me to get it reset.Other than resetting the breaker, I can see no other good reason a landlord would allow tenants access to the basement mechanicals.