@Erin C. surround yourself with people who are willing to let you learn if you prove that you won't waste their time.

I own a triplex in a C+ neighborhood.

The asking price is $230K and the property would require very little rehab as all of the units have been upgraded within the past 2 years (new kitchens, bathrooms, paint and A/C units).

So P/L at 50/50, C at 60/40 on the K-1, with balanace of your loan liability coming from your capital portion.Unless you are a licensed contractor, all work is permitted (permits 'pulled') and trades outsourced to licensed professionals.

Clint, are you saying that any business entity : LLC, partnership, C- Corp, S Corp must register with WI Dept. of Financial Institutions to rent out real estate in WI?

The area that I am renting in are c-d neighborhoods and I can pickup a unit and have it ready to rent for about $35000. 

Here's the problem in C-Springs: ZERO properties stay on the market more than a few days before going under contract, unless they're just not good deals.

Taking out a 15 yr. mortgage on both aiming be paid off when we're about to retire (at 65ish)C) leave the Brooklyn property be and get another mortgage on a house that we move into.  

@George C., I have not heard of fighting it, but I have heard of using an attorney as a registered agent for a fee.

That is why you frequently see on here that real estate should generally not be held in a Corp, whether C or S Corp as getting real estate out of the Corp triggers taxes.