In that instance, when you sell, you will be looking at capital gain.If your intention is to renovate and sell (aka "flip"), then the property is considered inventory and not a capital asset.  

I understand that they are busy but I feel like I've lost out on a few houses already because of this issue and with inventory being low I need to be able to act quickly on any property that looks promising.

Reach out to me at your convenience, and I can update you on the current inventory at that time.

In this structure, all real estate is considered inventory so no depreciation and I don't think you can even do long term capital gains.  

Look to any of the "warm" states as I call them.We invest in 12 states and I always call them warm as they are desirable and you can move inventory, while not overpaying in a hot market that may cool and experience negative equity as easily.OH, IN, KY, MO, IL, NC, and several others are often great for what you seek.As for the actual 3-4 unit building, 4 unit quads are very easy to acquire and maintain if setup correctly.  

Also foreclosure inventory has dried up.

You can check out my website for a complete list of historic districts and MLS inventory for each: www.amacslp.com/historic-districtsThere are a lot of rehab opportunities in the historic districts depending on your comfort level. 

In a S-Corp, it does not matter how long you own property, the IRS will classify all property as inventory which is why we use it for flips.  

I live in Dallas Texas County and was born and raised in Dallas.There is not a big hurry right now because the inventory is low and it tends to be a seller's market.  

The Twin Cities real estate market is hot, the inventory is short.