Looks like a major city, hope the investing opportunities are good there!  

@Anthony Russellunfortunately the majority of the tax calcs out there will produce inaccurate results for two reasons: (1) calculating your tax liability can be tough to do, especially if you are a real estate investors or a business owner as you will not see the same net income month over month and (2) the tax calcs that do work aren't tailored to your specific situation.

We have just made our first claim after major water damage in a rental.

Jeff there is always exceptions ,let me clarify the majority of the H.U.D homes that are in good shape priced right are snatched up in hours not days the market is that hot here.

We have used Pinderhughes for the majority of our closings and their are wholsaler friendly. 

a misunderstanding cost me one month of headaches for me, tenant and i have one abatement (hud not paying rent to owner because of list of repairs not taken care of) on my record. sometime the inspectors let you do small repairs/adjustments on the fly. understand that the vast majority of inspectors are not there to "get you": are there to make sure there is no danger/slumlording happening.

@Mark GrazianoI guess my advice is that you need to make money before you figure out how to set up for a major business. 

This is all happening fairly quickly and I don’t want to make any major mistakes as I’m trying to set this up for my son.

Any major factors here to be concerned with as I model this?

Fair Housing is major and in Howard County, MD you can not reject a tenant because of Section 8 status.