You have limited upside potential in this deal and unlimited downside.Can you get a permit for the renting of the other units?

And there is a finite limit to the number of units you can manage yourself so you will hinder your future growth.

You can nominate whatever tax either C or S if you're an LLC, if my understanding is correct, S treats your income as a pass by, so whatever is income is left in the company, goes directly to the shareholders, the only difference between corp and llc is if shareholders on llc is 50/50, they could split them 30/70 or whatever, while corps can only get 50/50.

@Mindy Jensen, an LLC (Limited Liability Company) by definition is intended to LIMIT the owners personal financial liability, but NOT to eliminate it.

I NEVER took vacation in the summer. but I usually took from thanks giving to first week of Jan. off or very limited schedule

Still could get nailed but since you should be under the deposit limit it could have been worth the chance.  

Hello BP, so appreciation in condos is slower compare to a single house & it is true in my areas but because of the limitation in purchasing other type of properties, i had very little choice if i want to do a syndication on multi family units. 

If it is paint and carpet and I have a buyer before I even buy the place, thus dramatically limiting my exposure I'll go to 80%+, since my risk is so low.  

However, I would not - and don't - limit myself to only properties that fit my criteria.  

what would you recommend to someone that has limited funds and is just starting out.