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Selecting and vetting the contractor for 203k's can be very tedious if you do not use a Certified 203k Contractor, which exist in ~20,000 cities in 40 states.

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With the S election, since the income passes through personally, if you have another job lets say, the income from the LLC is added to your personal income from wherever else and that could push you up a tax bracket or two...

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They're very selective in the properties they choose so they can add enough value to cover both the costs of the rehab plus the transaction costs and still have a profit.