I am therefore considering changing the tax status of the LLC to an S-Corp, which would reduce my self-employment tax by allowing me to take some of the profits as corporate dividends. 

Depending upon the area you might do this for just your exterior doors or all doors on the property:To Reduce Wear from AbuseUse longer than standard screws on the hinge plates of the doors you install.Increase the number of hinges you install from 2 or 3 to 5 or 6.

The general consensus is that the rebate will need to reduce the purchase price of the asset and your accumulated depreciation and depreciation expense accounts will need to be adjusted to reflect the change in cost basis. 

When getting ready to close one's first deal as a newcomer, what are some steps to take to minimize the risk involved?

Because having the ability to readily sell their loans at any moment reduces the bank's risk.Ask your banker how they would handle a loan which becomes non-conforming after-the-fact.  

@Jason Bott Renovation Insurance Agent WisconsinGood lucks with reducing your insurance cost.

Coming in with all cash can drastically reduce the time frame for closing. 

Is there someone else in your family you could rent it to at a reduced rate to house watch??

I wonder if future rate increases would decrease multi-unit price?Since multi-units are priced based on CAP rates, they will be interest rate sensitive.  Ie buying a multi-unit at 10% CAP makes sense in a 3% treasury-...

If you preferr to have a 30 year amortized loan, go to one of the online tools, calculate what your payment would be over 30 years with the interest only interest rate and pay more every month.It gives you the flexibility to stop making that principal payment if need be and only pay what you have to.It is a free option to reduce your cash flow in times of need.Now the trick is that the int only loans might have a slightly higher interest rate, not much but maybe 1/8thI think it is worth it.