With the S election, since the income passes through personally, if you have another job lets say, the income from the LLC is added to your personal income from wherever else and that could push you up a tax bracket or two...

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They're very selective in the properties they choose so they can add enough value to cover both the costs of the rehab plus the transaction costs and still have a profit.  

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@Joe MaciagYou should not be taking deposits until you have selected the tenant who will live in the unit.

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Additionally, profit margins are not as high initially because of the higher purchase price.So there you have it, please add your thoughts based on what “school of thought” you would select or recommend ... if you would like to add another SCHOOL OF THOUGHT please feel free!

Negotiating can be at another plateau.Good point made by Giovanni is in selecting complimentary businesses in a building or strip center, allowing a competitor in some areas of retail can be complimentary, in some case you can contribute to a tenant's demise.