Of course you'd be inheriting any unknown liabilities of the LLC, and you'd be assuming the llc's basis in the property and depending on the LLC original purchase price and depreciation taken, a much lower basis than your actual "purchase price", increasing your taxes when you sell.

Tax rules are different as well - so understand the market you'll be doing the flips in.

Great area - here are my numbers: Monthly Annual Purchase Price 168,500   Monthly Rent 2200 Cash to Close (20% + $4k close costs) 33,700   Annual Rent 26400                 Property Tax $375 $4,500     Insurance 100 1200     Mortgage 835 10020     Vacancy (5%) 110 1320     Repairs (5%) 110 1320             Total Expenses $1,530 $18,360   Net Income $670 $8,040   Net Income without Mortgage $1,505 $18,060       Cap Rate 5%       Cash on Cash 24%    

What are taxes, bills?

Considering the cost of the mortgage, insurance, taxes, and monthly maintenance, which place brings in more cash?

I was looking to do a cash-out refi to take money out while locking in lower rates, but now that the properties are in the S-Corp, I am unable to transfer back into my name to refi without creating a taxable event.I am wondering if there are any strategies to moving these out in a tax advantaged way (I expect there will be some cost to doing so).Some strategies that have come up in other conversations are:1) Form LLC and issue a note to the S Corp with the properties as collateral... then if S Corp defaults on the note... the properties will be transferred with out triggering taxes (although cost basis would remain the same)2) Have appraiser apply discounted valuations on properties due to lack of marketability (I am only a 50% owner of the S-Corp).  

I had Jim Soletti manage my south Austin rental for ~10 years, and I didn't have to think about it at all except for tax time...they are top-notch and a family business.

It takes away from your profit potiential for an investment and as far as I know you can not debduct the cost in your taxes.

. :) and would appreciate some advice regarding historical performance of the rental in terms of good metrics (cap rate, cash on cash, IRR et cetera, before and after tax).

After looking at softwares and excel based on your recommendations, I decided to take on the challenge to create my own excel sheet that covers Income Statement, Schedule C, Estimated Taxes based on the current tax rates.