Upgrades include a remodeled kitchen with newly installed cabinets and countertops, new premium stainless steel appliances, vinyl windows, remodeled bathrooms, new flooring throughout, elegant entry door, and a stacked-stone fireplace that ties in perfectly to the comfortable layout of this home.

Read up on Delayed Financing- I've done it a few times, you can cash out right away if you buy and structure a deal properly. 

Dealing with the building/planning/zoning/BGE/structural engineering companies, etc?

Added a master Bathroom, new kitchen, egress window in basement, opened up kitchen, new drywall everywhere... fully updated.

I am also pretty familiar with the S-Corp and work with other investors who are using them.Ultimately, I would say it's important to just meet with an attorney and a CPA so you can measure out the cost/benefit of each structure and pick the one that fits your portfolio and goals.

I go with bedroom and bathroom comparison rather than square footage comparisons.

We have done a significant amount of work to with adding a bathroom and bedroom for a "master Suite" in the basement.

Created an entire master suite where the garage was, new siding, new windows, new kitchen, new bathrooms, everything!

Read Tax Free Wealth by Tom Wheelright for a great explanation of why you should meet with your tax advisor first to determine the best structure for tax strategy and then have that person work with your attorney to ensure the structure is set up correctly.

So it sounds like I should definitely speak to a Real Estate Lawyer to get a better idea of how to structure and put together an operating agreement.