She left but I had to pay to remove garbage/debris she left, I had some cleaning/wall repair/painting to do, she didn’t match the heating fuel, she ran up the water/sewer bill, and she broke the lease so I filed in civil court for under $160 and we will have a hearing on 1/4/19 (she elected to defend against the judgement so I am anxious to see what she has to present).

Particularly the first year after your purchase, you don’t know what care the appliances and systems had before, and a home warranty would be similar to an insurance policy for those items.That being said, I elected not to do so.

It was meant to be a flip and connected myself with a broker.

A fiscal year election may be good here.

When I got there I explained to her line by line what the simple purchase agreement meant and she said her kids had scared her telling her not to sign anything without a lawyer...

"Indianapolis IL" you meant Indiana?

Here are some questions you can ask yourself, although it's meant for syndications.

Would you recommend to file to the form 2553 to elect to S corp status? 

If you are under 50 years of age you can contribute $18,500 as elective deferrals plus about $5,500 as profit sharing for a total of approximately $24K.In order for your spouse to contribute she must be employed and compensated by the business.

This is meant to exclude primary residences which are, by default, for personal use the majority of the time.